Pawan Kumar
(audit manager)
(118 Points)
Replied 06 October 2011
well pankaj, not agreed with your comment as in your example winning amount of Rs. 25 l will be completely taxable @ 30% and refund cannot be claimed on such Rs. 80000 if the income from other sources is less than the taxable limit
if you can give any explanation with the help of circular or any such material then that will be useful in your context
thanks
nimish solanki
(IPCC CLEARED)
(108 Points)
Replied 06 October 2011
Any income from winning of Lottery ,race or gameshow is taxed @ flat 30% without any exemption whatsoever hence there is no question of refund
CS Alok Mishra
(Income Tax Practitioner)
(786 Points)
Replied 06 October 2011
Its 30% on winning amount irrespective of slab rate and if u dont have taxable income then u can claim refund by filing return within prescribed time .
CS Alok Mishra
(Income Tax Practitioner)
(786 Points)
Replied 06 October 2011
Swapnil Jain
(Finance - FP&A)
(564 Points)
Replied 06 October 2011
it's deducted in the name of TDS....but simultaneously it's being taxed....so no refund in that case....
nimish solanki
(IPCC CLEARED)
(108 Points)
Replied 06 October 2011
Dear Alok,
I think even basic exemption limit is also not allowed...
Correct me if I am wrong
kuna sahu
(STUDENT)
(180 Points)
Replied 10 March 2014
CAclubindia
