Uday venkat (Accountant) (49 Points)
02 July 2018Hello everyone, I have Winings from lotteries of 3lakhs which was reflected in 26AS under Section 194B. I wants to file my itr and get money refund. If i try to file ITR1, amount is showing refund but many are saying u shold not file ITR1. suggest me a good option to claim refund. I dnt have any other income
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166350 Points)
Replied 02 July 2018
You are not eligible to file ITR1 ...... You must file ITR2
Secondly, no refund possible after TDS adjustment because.... the money received from winning lotteries, games shows, crossword puzzles, races etc. are considered as ‘income from other sources’. However, as per section 115BB of the Income-tax Act,1961, the entire income from above sources will attract tax at the rate of 30%, along with applicable cess and surcharge.
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