It Will Taxable Under The Head "INCOME FROM OTHER SOURCES" Tax Rate Are Normal
But TDS Applies AT These TYPE of INCOME ARE 30%
Income from owning and maintaining race horses
Page no : 2
Samrendra
(Asst. Manager- Internal audit)
(221 Points)
Replied 11 December 2010
Owing and Maintainance has somewhat of business activity...............
It is taxable under head PGBP and at normal rate................................
Sharad Suman Das
(art)
(141 Points)
Replied 11 December 2010
Dear Friend,
Activity of "Owing and maaintaining horse races"shall be taxable under the head of INCOME FROM OTHER SOURCE
and the normal slab rate is applicable for the purpose
gurpreet singh
(article)
(26 Points)
Replied 11 December 2010
according to me it is taxable under head income from other sources but slab rate is applicable because when we bifercate gross total income to sec111A & other income ,income from owing & maitaining race horces is kept with other income
Ankit rastogi
(c.a student)
(103 Points)
Replied 11 December 2010
this income is taxable under other sources at the slab rate.because this is not a casual income.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 11 December 2010
It Can Be Consider as Other Source & Also Can be PGBP Income If U Show It As Income From Business.
Taxable Normal Rates.
TDS @ 30%
abhishek
(Job)
(132 Points)
Replied 11 December 2010
TETAXABLE UNDER THE HEAD OF INCOME FROM OTHER SOURCES AT NORMAL SLAB RATE
Parshu
(CA Final)
(84 Points)
Replied 11 December 2010
Income from owning and maintaining race horses must be shown under the head IFOS.Normal Tax rate is applicable.If the assessee is wholly engaged under that business,then it can be shown under the head PGBF
It is Winnings from horce race for which 30% flat rate is lavied U/S115BB.
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