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Ajitesh Mehra (job)     21 November 2019

TDS Applicability on winning from moot court competition

Respected Professionals,

A moot court competition was organised by University wherein An amount of Rs. 50000 was given as prize money to winner . please guide whether TDS under section 194B or any other sections is required to be deducted before releasing winning amount?


Learning

 2 Replies

G.L.N. Prasad (Retired employee.)     22 November 2019

Best guidance can be obtained through local Chartered Accountant, or search in google with key words "TDS on Cash award of Rs.50,000//_ or RTI Application to ITO with simple query:

"Please inform the amount of tax to be deducted on Rs.50,000/- prize from winner on mook court competitions by the University before paying the amount to the winner.

Dr J C Vashista (Advocate)     24 November 2019

The amount shall be included in your income for calculation of "net income" under the head income from other sources.

It is advisable to consult a local chartered accountant for better appreciation of facts/documents, guidance and proceeding.

 


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