If I pay TDS on gift (received on winning contest voucher), can I claim it back while filing return?
Thanks
Sunny
6 Replies
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 10 July 2010
YES, You claim the bebefit of TDS WHILE FILLING RETURN
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 10 July 2010
nO SIR.. I DISAGREE...
THERE IS SPECIFIC SET OF PROVISIONS FOR WINNING FROM THESE TYPE OF GAMES ( 115BB)
THE MAXIMUM EXEMPTION LIMIT DOES NOT COUNT FOR THIS PART OF THE INCOME
Amir
(Learner)
(4016 Points)
Replied 10 July 2010
Hi friends,
I think point raised by Amitkk is absolutely right since in the question it was asked whether the same can be claim as refund??
Ok let me try make it simple -
1) TDS credit will be allowed.
2) Refund of that TDS can't be claimed since the same is taxable u/s 115BB at a flat rate of 30%(i:e irrespective of assesse's tax bracket) except in a situation where assesee is having CURENT YEAR loss under head House Property/PGBP/Other sources
C.Balaji
(Learner)
(1867 Points)
Replied 10 July 2010
Agree with Amir bhai....
I too had this same doubt...but Amir only cleared it.....
Refund of TDS cannot be claimed in this situation....
Sunny
(CA Business)
(401 Points)
Replied 11 July 2010
That is I can claim credit maximum to the extent of amount of tax to be paid but not more than that.
For eg.1
Tax payable 15000
TDS on gift 5000
Net tax payable 10000
For eg 2
Tax payable 15000
TDS on gift 16000
Tax Payable/Refund NIL
Am I Right???
Recent Topics
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
Related Threads
CAclubindia
