TDS Policy for Let's Win in India
Introduction:
Let's Win in India is committed to complying with the Income-tax Act, 1961, and related regulations. This TDS policy outlines the procedures for deducting and depositing taxes on winnings, prizes, and other income generated through our platform.
Applicability:
This policy applies to:
1. Winners of contests, tournaments, and games
2. Recipients of prizes, rewards, and incentives
3. Service providers, contractors, and consultants
TDS Rates:
The following TDS rates will be applicable:
1. Winnings from contests and tournaments: 30%
2. Prizes and rewards: 30%
3. Service fees to contractors and consultants: 1-2% (dependent on transaction type and amount)
4. Interest on deposits: 10%
Threshold Limits:
TDS will be deducted only if the winnings, prizes, or income exceed:
1. ₹10,000 for contests and tournaments
2. ₹5,000 for prizes and rewards
3. ₹20,000 for service fees to contractors and consultants
TDS Deduction and Deposit:
1. TDS will be deducted at the time of payment or credit to the winner's account.
2. TDS will be deposited with the government within the prescribed timeline.
TDS Certificates:
Let's Win in India will issue TDS certificates (Form 16A) to winners and service providers within the prescribed timeline.
Compliance:
Let's Win in India will ensure compliance with:
1. Income-tax Act, 1961
2. Income-tax Rules, 1962
3. Related regulations and amendments
Changes to TDS Policy
This policy may be updated to reflect changes in tax laws, regulations, or business requirements.
Contact US
For queries or concerns regarding TDS policy, please contact: ,
contact@letswin.com
Contact.letswin@gmail.com
8849031531