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?
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.
