Tds

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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

Hari Beldona

Hari Beldona (Expert)
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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

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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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

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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.

CS Bijoy

CS Bijoy (Expert)
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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.