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CASUAL INCOME (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
25 February 2010

If i won a CAR in lottery in 2009-10 then i want to collect that CAR in 2010-11.

In which year Tax has to pay on that CAR?

Is it receipt basis or Accrual basis?


CA Vijay Kumar Gupta

( Expert )
25 February 2010

it can be taxed in 2009-10 if you are following accrual system and if you are following cash system it can be taxed in 2010-11.


CMA Ramesh Krishnan

( Expert )
25 February 2010

In Income tax generally accrual or receipt which ever is earlier. so in your case 2009-10 only taxable and also lottery prize subject to TDS so taxable in the year 2009-10 only


CA Devanshi Gandhi (Ajani)

( Expert )
25 February 2010

its subject to TDS as mentioned above


Author : Anonymous

( Author )
26 February 2010

Yes, i agree with you that it is subject to TDS.


I want to additional question to that

As the Lottery is given in Kind then from whose money TDS will be paid?


CMA Ramesh Krishnan

( Expert )
26 February 2010


It is duty of payer collect the TDS amount from payee


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