Can I claim back TDS paid on a competition prize if i am a student?
I won the 1st prize in a competition and paid TDS for claiming the prize – Rs.7500. I am a student and want to know if I can claim back the TDS amount?
If Prize is given to a person for winning a game show on basis of competencea nd merit then, TDS will be applicable and will have to be deducted u/s 194B by the payer of prize.
If Prize is given to a person for excelling in some competition or exam other than game show in electronic mode or TV Show, based on his inherent competence and merit then, TDS will not be
applicable on the same.
So for guiding you in the right direction we would like to know the nature of the competition from which this prize money you won.
In addition to that, TDS is applicable on amount of prize more than Rs. 10,000/-
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Want to get documents attested college refusing to do so
- Wife staying separate for 3 yrs not wiling to divorce asking for money
- Husband cheasting on me. Want child custody, divorce and alimony.
- Broke marriage after engagement girl family threatening to file case
- Cancellation of all posts due to blood relation with examiner