hi,
i would like to know if a person pay5000 per month in a scheme and after 15 month he got a price of about 105000 than on which amount income tax should be deduct ( on 105000 or 105000 - 75000 he paid during the scheme)
3 Replies
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 09 July 2011
No TDS is to be deducted in this case because in my opinion schemes you are referring here to is somone like kitty and in this scheme no taxation is being done reason being in these cases these assosiations are not treated as separate from its members and thus no person can earn income out of itself .
Aparna Raja K.C
(Student)
(520 Points)
Replied 09 July 2011
I guess.. it is something similar/about Chits :)
If so, then TDS will be deducted on 105000/- being the amount he have received :)
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