MY CLIENT HAS WON 10GRM GOLD WORTH 17123/- IN MTNL SCHEME AND HE PAID RS. 5291/- FOR TDS. NOW UNDER WHICH HEAD SHOULD HE SHOW THE ABOVE INCOME. THE THRESHOLD LIMIT OF RS. 5000/- FOR NOT DEUCTING TDS COULD BE CONSIDER FOR THE ABOVE PURPOSE OR NOT
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TDS QUERY
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The Threshold limit is Rs. 5000/- i.e. any amount won above Rs. 5000/- will be liable to TDS. the above income shall be chargeable to tax under the head Income From other Sources and no Basic Exemption is available for winnings hence the same shall be taxed @ 30 % and no TDS shall be refunded
SUCH INCOME WILL BE TAXABLE UNDE INCOME FROM OTHER SOURCES AS WINNINGS FROM LOTTERY ETC.
NO EXPENSE WILL BE ALLOWED AGAISNT IT.
SUCH INCOME WILL BE TAXABLE UNDE INCOME FROM OTHER SOURCES AS WINNINGS FROM LOTTERY ETC. NO EXPENSE WILL BE ALLOW
as per clarification given above the income would be charged under "income from other source",u tell ur clinte to take tds certificate from the company & file his return & you will get ur amount refund from the department after processing the same.
Dear Pawan
its taxable under flat rate @ 30% so no refund is available here because tax paid is only 30% and no need of computaion of it with other part(s) of Income.
Regards
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