About lottery winning
This query is : Resolved
18 November 2013
if a person wins 200000 from lottery or jackpot
then it is below the limit
but even 30% have deducted
is tax be refunded?
then it is below the limit
but even 30% have deducted
is tax be refunded?
18 November 2013
By filing the Income tax return for the period you can claim the extra tax paid as refund
18 November 2013
In this case, tax will not be refunded since basic exemption can't be claimed and taxed at flat rate vide section 115Bb of the Income tax Act,1961.
Citation:- K.B.Syam Kumar Vs. ITO (2006) 284 ITR 218 (Cochin-Tri).
Citation:- K.B.Syam Kumar Vs. ITO (2006) 284 ITR 218 (Cochin-Tri).
20 November 2013
which is correct answer???
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