The tax liability on cash prizes can be arrived at by a simple calculation, but this is not the case with prizes in kind.
Taxation on prizes in kindĪ multitude of game/talent shows opt for a combination of cash and kind. While filing your income tax return you must include prize money under ‘ income from other sources’ and, you must submit the TDS certificate as proof that you have paid all the tax due against the prize money. Provided that in a case where the winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings.” “ Winnings from lottery or crossword puzzle.ġ94B. The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rates in force:
#Traslados wincar ca plus#
As per section 194B tax need to be deducted at flat 30% plus cess of 4% i.e at 31.2%. As we all aware that, if the assessee received any income by way of winnings from any lottery or crossword puzzle or card game and the amount is in excess of Rs 10,000 then it will be covered under scope of section 194B.
0 kommentar(er)
