TDS on prize winnings and contractor payments requires new accounting subheads and updates to tax forms.

Two new withholding provisions require tax deduction at source from prize winnings and from payments to contractors and subcontractors. The instruction establishes specific minor heads and sub heads under Corporation Tax and Income tax to record surcharge items and the deductions under these provisions, and directs amendments to challan, budget estimate and monthly collection reporting forms to reflect the new accounting heads.

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