Dear Sir,
In my 2011-2012 assesment year I have the following income.
Salary: Rs.72000/-
Lottery winnings & Puzzle winnings: Rs230000/-
Tds paid : Rs.71000/-
Insurance /Lic premium paid: Rs.19000/-
If I return my IT file will I get the refund of TDS?
GTI - Rs. 302000
Less deductions : rs.19000
Net Total Income:rs. 283000
Tax Computation
1)Winnings 230000 * 30 % = rs.69000
2)Other income 53000 - exempt. since it is below the minimum limit.
Therefore Total tax payable - Rs.69000 + 2% education cess + 1 % higher and secondary education cess=Rs.71070
Since you have already paid tax in the form of Tds you would not have to pay any extra amount.
Therefore, in short ----YOU CANNOT CLAIM ANY REFUND.
I AM NOT A CA SO PLEASE DO GET CONFIRMED MY CALCULATION FROM A PERSON WHO IS QUALIFIED.
IN ANY CASE I SUGGEST YOU TO GO TO A CHARTERED ACCOUNTANT FOR TAX FILING RELATED ADVICE AS FILING TAXES BY SELF CAN SOMETIMES LEAD TO MISTAKES WHICH IN FUTURE CAN AFFECT YOUR BORROWING CAPACITY.
CAclubindia
