senior citizen
This query is : Resolved
16 October 2010
If the total income of a senior citizen after all deductions is Rs.2,30,000..and it's given that this income includes Rs.10,000 as winnings from horse races.
Then what will be the tax..?
Whether it will be nil..or tax will be charged on Rs.10,000..?
PLEASE REPLY.....
Then what will be the tax..?
Whether it will be nil..or tax will be charged on Rs.10,000..?
PLEASE REPLY.....
16 October 2010
It shall be teated as nill as per the section 139(1) the senior citizen are not liable to file his return of income if he has income below 240001/. therefore in that case if he is not liable to file i.t return than he is also not lible to pay tax irrespective of nature of income.
17 October 2010
Section 115BB(i) applies and accordingly Rs. 10,000/- is to be taxed.
Citation :- (2006) 100 ITD 500 (Coch)./ (2006) 284 ITR 218 (Coch).
Citation :- (2006) 100 ITD 500 (Coch)./ (2006) 284 ITR 218 (Coch).
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19 October 2010
BUT MR. WARRIER SEC.115BB(i) DOES NOT OVERRIDE TO SECTION 139(1)
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