exemption is not available & amount will be recd post tds deduction @ 30% flat.
winning from lottery
Page no : 2
mangesh korde
(Article Assistant)
(22 Points)
Replied 22 February 2010
to dear C BALAJI,
Basic Exemtion(i.e. Rs. 160000) is allowd to Gross Total Income(GTI) under which all 5 heads of income come.
but there are some exception incomes wchich can not be included in GTI and for them special rates are specified in Income Tax Act. like lottery income must be tax @ 30%
CA kuldeep kothari
(own practice)
(375 Points)
Replied 22 February 2010
no at all balaji lottery can't be used for shortfall of inome but cg's cn be.
Gaurav sharma
(PCC-Article Assistant)
(36 Points)
Replied 22 February 2010
i also agree aith aamir as no setoff ,deduction and basic exemption limit is allowed in lottery income becoz it is a effortless income of assesse
Sandeep Ladha
(N.A)
(435 Points)
Replied 23 February 2010
Agree With Aamir.........
Flat 30%....
No xemption Limit.....whther its 1000 or 100000
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 23 February 2010
Sec 115BB is a special section..it in one way overrides the maximum exemption limit by specifically stating that lottery income will b taxed at 30% and rest income will be taxed as per other porvisions of the act.....I guess you mis understood ur professor Balaji
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 23 February 2010
Lottery Income is considered as special income. On this income no basic exemption is allowed. Even if you dont have any other income, the rate of tax is flat 30% plus applicable surcharge and education cess.
Rahul
(Practice)
(74 Points)
Replied 04 July 2011
yes, no exemption limit is available on lottery income.'
the assessee who have income less then the basic limit then even he is not able to claim the refund on lottery income.
rehman
(Lecturer)
(21 Points)
Replied 24 August 2012
Dear Balaji, Amir is right coz winning form lottery attracts flat 30% tax/TDS.That A cannot claim as it is not advance tax,
Anbuselvam
(CMA Final Pursuing)
(240 Points)
Replied 31 October 2012
In which state tax on winning from lottery is exempted? Assam?
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 31 October 2012
There is no tax slab for winning on lotteries. Hence, even, if you have earned only 100 during the year, 30% is to be given as tax.
Actually, it must be deducted already as TDS.
Anbuselvam
(CMA Final Pursuing)
(240 Points)
Replied 31 October 2012
One of my friend told that in a particular state in india, if we win from lottery we should not pay any tax. I want to know in which state it is exempted.
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 31 October 2012
| Originally posted by : Anbuselvam | ||
 |
One of my friend told that in a particular state in india, if we win from lottery we should not pay any tax. I want to know in which state it is exempted. |
 |
Well, that's not possible. Since, Income Tax is prerogative of Central Government.
Lokesh Rao
(sr associate )
(45 Points)
Replied 31 October 2012
Hi,
Pls check TDS is remmitted to govt. because payer going to Deduct TDS if award is more than Rs. 10000/-
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
