TDS on winning!

TDS on winning!

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TDS on winning!

Section 194B

TDS needs to be done on winning from Lottery or Crossword Puzzle or Card Game and other game of any sort.

Any person is liable to deduct tax when payment is made to any other person. It means:

Deductor: Any Person

Deductee: Any person

The time of deduction shall be the time of paymen. The rate at which TDS is to be done is 30%,

Remember:

No TDS is to be done if the amount does not exceed Rs. 10,000 during a financial year.

In the following two cases the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings:

  • The winning are wholly in kind or
  • partly in cash and partly in kind and the part in cash is not sufficient to make the liability of deduction of tax in respect of all of the winning

Section 194BB

TDS on winning of from horse race

In case of any winning from horse racing the person being the holder of licence for the horse racing shall deduct tax of any person (being the winner) at the rate of 30% at the time of payment on the total amount of winning. No TDS is to be done where the amount does not exceed Rs 10,000 during a financial year.

Summary:

Deductor: any person being the holder of licence for the horse racing

Deductee: any person

Time of deduction: at the time of payment

Rate of TDS @ 30%

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