CASUAL INCOME

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Querist : Anonymous (Querist)


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


Querist : Anonymous (Querist)


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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