07 November 2011
Under which Section and where exactly is it there in the Income Tax Act that deductions under Chapter VI – A cannot be claimed from Long Term Capital Gains and Winnings from lotteries, crossword puzzles etc. I know the above is true, but can anyone tell me which Section to refer on the website www.Incometaxindia.gov.in
07 November 2011
Thanks a lot... and which Section says that Chapter VI A deduction is not available from winnings from lotteries, crossword puzzles etc
08 November 2011
But Section 58(4) says no allowance or expenditure should be allowed from such income....it does not say about deductions???....and that too deductions under Chapter VI - A Deductions under Chapter VI - A is not an allowance or expenditure....
08 November 2011
sECTION 115BB DEALS WITH TAXATION OF LOTTERY INCOME AND PROVIDES THAT LOTTERY INCOME SHALL B TAXED AT 30 PERCENT WITHOUT ANY DEDUCTION CA MANOJ GUPTA JODHPUR 09828510543
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