CASUAL INCOME
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2010
If i won a CAR in lottery in 2009-10 then i want to collect that CAR in 2010-11.
In which year Tax has to pay on that CAR?
Is it receipt basis or Accrual basis?
In which year Tax has to pay on that CAR?
Is it receipt basis or Accrual basis?
25 February 2010
it can be taxed in 2009-10 if you are following accrual system and if you are following cash system it can be taxed in 2010-11.
25 February 2010
In Income tax generally accrual or receipt which ever is earlier. so in your case 2009-10 only taxable and also lottery prize subject to TDS so taxable in the year 2009-10 only
25 February 2010
its subject to TDS as mentioned above
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2010
Yes, i agree with you that it is subject to TDS.
I want to additional question to that
As the Lottery is given in Kind then from whose money TDS will be paid?
I want to additional question to that
As the Lottery is given in Kind then from whose money TDS will be paid?
26 February 2010
It is duty of payer collect the TDS amount from payee
It is duty of payer collect the TDS amount from payee
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