any man u fans???
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 30 August 2009
if tds is deduct on the amt of lottery so u not filed return
ashish gupta u miss the close of IT ruls. on lottery gov. take tax u not refund it
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 05 September 2009
| Originally posted by :Hema | ||
| " | ya u r right if income is below taxable income i.e 150000 one need not to file the return bt here income include casual income i.e gambling income from which deduction of basic limit is not allowed. so return has to be filled. or in other word if normal income is less then basic exemption limit the bal exemption is allowed from long term capital gain or short term cap gain but not allowed from gambling income so here gambling income is fully taxable and no refund can be claimed as tax has been fully deducted. |
" |
here GTI is exactly 1.50 Lacs which is not exceeding basic exemption limit.. so it is not requred to file ROI as per sec 139.
refund is not possible b coz its not the case of higher deduction of TDS..
but if higher TDS then ROI is needed for refund.
CA Trinath Galla
(student)
(3130 Points)
Replied 23 October 2009
hey
i think tax should be paid compulsorily on winnings from lotteries or crossword puzzles etc.......
then how can we claim refund?
if am wrong,any one please clarify
Vijju
(Finance Dept)
(54 Points)
Replied 23 October 2009
by filing returns you can get refund of the tds deducted
If you have obtained TDS certificate from the lottery agents,
submit returns under ITR 2 / provision is there under Income from other sources.
But before that your salary and lottery should not be more than the taxable income level. i.e. 1,50,000/- otherwise tax is applicable
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 23 October 2009
THANKS ALL FOR THE PRECIOUS COMMENTS BUT THE CONSENSUS IS STILL DOUBTFUL.!!!!!
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 25 October 2009
as taxable limit is 150000 there is no liability to pay tax and hence he needs to file return inorder to claim refund.
nikita venkateswaran
(articled asstt.)
(32 Points)
Replied 17 November 2009
hey 139 (1) is applicable for all std incomes other than casual winnings though income limit is below 150000 winnings is taxable at flat rate of 30%
nikita venkateswaran
(articled asstt.)
(32 Points)
Replied 17 November 2009
hey 139 (1) is applicable for all std incomes other than casual winnings though income limit is below 150000 winnings is taxable at flat rate of 30%
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