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tds refund

23 July 2019

1. my salary income Rs.250000
2. winning dream 11 under section 194B Rs.580000 tds deducted Rs.180960
3 Loss on interday trading Rs.600000
so i can get refund of Tds

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4 Replies

Padmanabha R (Audit Team Manager) (33 Points)
Replied 23 July 2019

Yes.. you may get the refund depending on other factors.. For further clarification you may call me 9677242612..

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 23 July 2019

No...
Refund not available if tax deducted on Winning prizes through Lottery, Race horse & Gaming as above.

Padmanabha R (Audit Team Manager) (33 Points)
Replied 23 July 2019

Apologies for confusion.. I Agree with Mr raja.. Didn't notice the section properly..

Suresh Thiyagarajan (Student) (3986 Points)
Replied 24 July 2019

1. As per sec 115BB income in the nature of "lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever" will be taxed under this section and should be included under the head Income from Other Sources.
2. TDS u/s 194B @ 30% is deducted at the time of payment of such amount.
3. In your case, since your income is below the basic exemption limit tax will be payable only on winning from Dream 11.
4. It is important to note that winning from Dream 11 is taxed under sec 115BB at a flat rate of 30% and no basic exemption limit will be available on the same.
5. Since TDS is deducted @ 31.2 % (including Edu cess) there is no need for any further payment and ROI with respect to the same need to be filed.
Please correct me if the above interpretation has an alternative view.