Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2011
tds on winning prizes if we won rs 5 crores from kbc then what is the tax treatment in ios head
14 September 2011
Section 194B
Winnings from game shows like Kaun Banega Crorepati will be covered by this clause from 1 June 2001. Winnings before this date will not be subject to TDS; you will have to pay tax yourself.
Any person responsible for paying income on winning from lottery or
crossword puzzle shall deduct tax @ 30% plus surcharge plus education cess.
TDS is payable if the amount of winning exceeds Rs 5,000. Thus, no TDS on
payment of Rs 5,000 or less.
Tax treatment:
Tax.....30%----------= Rs 1,50,000
Education Cess 2%+
Secondary and Higher Education cess 1%
i.e., 3% on Rs 1,50,000....Rs 4,500
Total tax liability= Rs 1,54,500
Winnings from game shows like Kaun Banega Crorepati will be covered by this clause from 1 June 2001. Winnings before this date will not be subject to TDS; you will have to pay tax yourself.
Any person responsible for paying income on winning from lottery or
crossword puzzle shall deduct tax @ 30% plus surcharge plus education cess.
TDS is payable if the amount of winning exceeds Rs 5,000. Thus, no TDS on
payment of Rs 5,000 or less.
Tax treatment:
Tax.....30%----------= Rs 1,50,000
Education Cess 2%+
Secondary and Higher Education cess 1%
i.e., 3% on Rs 1,50,000....Rs 4,500
Total tax liability= Rs 1,54,500
Message likes :
1 times
14 September 2011
TDS is 30 % plus surcharge plus 2% Education cess and 1% Sch. Ed Cess
so it will be Rs. 1,54,50,000
On 5 crores
@hari sir calculated on 5 Lakhs ( Left Some Zero)
Abhishek Ranjan Singh
ARS Solution
email2ars@gmail.com
+91 9022838615
so it will be Rs. 1,54,50,000
On 5 crores
@hari sir calculated on 5 Lakhs ( Left Some Zero)
Abhishek Ranjan Singh
ARS Solution
email2ars@gmail.com
+91 9022838615
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 September 2011
sir it means 5,00,00,000-1,54,50,000=3,45,50,000 we received this amt.
It is true that tds % affect from assessee income. if assessee earned less than rs. 10 lacs in a year then 30% otherwise 33% of tds.
It is true that tds % affect from assessee income. if assessee earned less than rs. 10 lacs in a year then 30% otherwise 33% of tds.
16 September 2011
Yes agreed with expert.
its not 33% its 30% than on the amount of 30% 3% will be charged. that means tax is 30% and 3% is calculated on tax amount not on whole amount.
its not 33% its 30% than on the amount of 30% 3% will be charged. that means tax is 30% and 3% is calculated on tax amount not on whole amount.
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