Person Responsible to Deduct Tax:
Any person paying the sum by way of winnings from lottery, crossword puzzle, card game or game of any sort.
Category of Payee:
All Assesses
TAX Rate of Deduction of Tax:
30%
No TDS:
If the payment does not exceed Rs.5000/-
Time for Deduction of Tax:
At the time of payment: where prize money is in kind, before realizing the prize, the payer should ensure that tax has been paid in respect of the winnings.
Time for Deposit of TDS:
In case of deduction by or on behalf of Government, on the same day.
Other cases- within 1 week from the last day of the month of tax deduction.