06 October 2011
Mr X has won Rs 300000 in KBC and he receives Rs 210000. His other income was 100000. Discuss the tax liability and whether he eligible for refund or not?
06 October 2011
His GTI would be Rs. 400000/- (300000+100000) but he will not get any exemption for prize won in KBC and would be taxed straight at 30.9%. 30% is already paid i.e. 90000 and balance 0.9% would be payable on Rs. 2700/- as self assessment tax.
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