Tds refund

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2012 I Won Rs 50000 cash Priz From ndtv Contest And Ndtv Had paid Rs.15000 AS A Tds whether Rds IS Refundable ??????

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

04 July 2012 On the prize amount TDS is applicable at Maximum rate which is 30%. You can file your return. Incase your tax computation shall have any refund , then the department may issue a refund of the same

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

05 July 2012 This income is subject to a special rate of 30%.

Even if your other income is less than the exemption limit, the unexhausted limit shall NOT be reduced from this income.

Further, deduction under chapter VIA are NOT available against this income.

Summary is that this income is taxable at special rate and REFUND DOES NOT ARISE.

Upgrade to CAclubindia Pro. Subscribe Now!