Lottery winning
This query is : Resolved
12 January 2014
i want to ask who to assess the income won in lottery under following situation -
suppose a person won a car on lottery worth rs. 500000 and the giver has cut the tds on 500000 and the car is received by the person now the question is how to assess the the winning of this winning
as the car received is of 500000 and according to the rule the recieved amount in lottery has to gross up and then the tds have to cut
so wheather 500000 has to be taken as gross amount or net amount and if 500000 is net so we have to pay extra tds according to the gross up amount
12 January 2014
He has to gross up amount to arrive at taxable ammount.
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
- GST Regis.
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company registration : Rental agreement or NOC?
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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 ?
Trending Online Classes
CAclubindia
