KAUN BANEGA CROREPATI
This query is : Resolved
19 October 2010
IF MR. X WINS RS. 5 CRORES THEN WHAT WILL BE HIS TAX LIABILITY?
TDS WILL BE DEDUCTED U/S 194B @ 30%. WILL HE HAVE TO PAY TAX AGAIN UNDER THE HEAD INCOME FROM OTHER SOURCES @ 30% ON THE REMAINING AMT. IE. AFTER DEDUCTING TDS (5CR - 1.5 CR = 4.5 CR.
TDS WILL BE DEDUCTED U/S 194B @ 30%. WILL HE HAVE TO PAY TAX AGAIN UNDER THE HEAD INCOME FROM OTHER SOURCES @ 30% ON THE REMAINING AMT. IE. AFTER DEDUCTING TDS (5CR - 1.5 CR = 4.5 CR.
19 October 2010
No. for Income tax purpose only the TDS 30% has been deducted, further no tax again on net payment
Message likes :
1 times
19 October 2010
The winnings has to be taxed as per section 115BB(1) read along with explantion (ii) to section 2(24)(ix)of the Income tax Act,1961. From the tax so arrived at, deduction can be claimed on the TDS amount meaning thereby no income tax need to pay again on the money received.
Message likes :
1 times
20 October 2010
At the time of return filing, income will be shown under IOS & tax will be computed on such income & other incomes at d rates applicable,
Against such tax, credit will be allowed of earlier TDS
Balance if any will have to be paid
There cannot be charge at 30% again on the net amount received as it will amount to double taxation
At the time of return filing, income will be shown under IOS & tax will be computed on such income & other incomes at d rates applicable,
Against such tax, credit will be allowed of earlier TDS
Balance if any will have to be paid
There cannot be charge at 30% again on the net amount received as it will amount to double taxation
20 October 2010
TDS is only a method of collecting the tax payable at source. Since the tax in this case has been deducted and paid to the central Govt. no need to pay further tax. Agreed with other experts
20 October 2010
thx all the experts.
AS PER SECTION 115BB. OF INCOME TAX, ACT,1961
Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of—
(i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of [thirty] per cent;
(ii) The amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i).
AS PER SECTION 115BB. OF INCOME TAX, ACT,1961
Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of—
(i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of [thirty] per cent;
(ii) The amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
