Practical question - Please help

in the year of winnings the whole 1 crore will be taxable so tax on 1 crore is around 28 lakhs and the tds is 30 lakhs so that person will get refund of 2 lakhs.

in case of fd only 70 lakhs interest will be taxable but not in the single year of maturity instead you have to take proportionate accrued interest  for 8 years. 

I think the gross Rs. 1 crore should be included in the GTI and after calculating the tax liability the TDS of Rs. 30 lacs is to be deducted .........as regarding interest, it will be charged to tax when it is received at maturity i.e. after 8 yrs.

yes rohit i agree with your first point but if you charge rs 70 lakhs in the year of maturity you have to pay more tax as compare to paying tax on accrual basis.... 

since the lottery amount is taxed in the year which it was accrued under the head casual income so will not be taxed after the end of 8th but the interest will be taxed as it accures overs the years  under the head other sources.

In the year of reciept of lottery amount, Rs 1 crore will be your income and Rs30 lakhs will be the tax liability.

And with respect to the interest portion, interest accrued at the end of each year only will be taken as Income.

Agree with suhas.

As per section 115 BB income from lottery will be taxed @ 30%. and TSD rate is also 30% u/s 194B.

In second situation only interest part is taxable either on accural basis or receipt basis.