Itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2013
If Miss X (age 25 years ) (Student & not having any other income ) wins Gold of Rs. 1 Lac from newspaper draw in the year 2011-12 & pay to newspaper Rs. 30,000 for TDS u/s 194B. Then what amount of tax will be there? & is ITR 2 is to be filled ? Is Tax Rate 30% or at normal rate?
27 December 2013
ITR 2 is to be filled...
and as your income isn't cross the threshold limit of 2lacs it isn't compulsory to file return..
and as your income isn't cross the threshold limit of 2lacs it isn't compulsory to file return..
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2013
If Miss X (age 25 years ) (Student & not having any other income ) wins Gold of Rs. 1 Lac from newspaper draw in the year 2011-12 & pay to newspaper Rs. 30,000 for TDS u/s 194B. Then what amount of tax will be there? & is ITR 2 is to be filled ? Is Tax Rate 30% or at normal rate?
02 January 2014
1. Such income is taxable at a flat rate of 30%. Basic exemption limit is NOT available against such income. Accordingly tax will be levied @ 30%.
2. Since the income does not exceed the exemption limit it is NOT mandatory to file the return.
However, the return can be filed by filing ITR 2.
NB: The assessee should file the return to avoid any future problems.
2. Since the income does not exceed the exemption limit it is NOT mandatory to file the return.
However, the return can be filed by filing ITR 2.
NB: The assessee should file the return to avoid any future problems.
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