128 tds

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Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 HOW MUCH PERCENTAGE OF TDS ON LOTTERY

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Section 194B.

Threshold Limit Rs 10000/-

Rate of TDS 30%

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 SUPPOSE,
IF I NOT HAVE PAN CARD THEN WHAT

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Then also same rate is applicable. Dont expect 20% rate for not having PAN. Higher rate will apply.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 SUPPOSE,
IF I NOT HAVE PAN CARD AND TDS CUT 30% THEN AM I ELIGIBLE FOR TDS DEDUCTION FROM MY Tax laibility

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 You better give your PAN. By giving PAN you can claim the refund of TDS deducted from you in case your taxable income is NIL. So please do quote your PAN so that the TDS get credited to your 26AS.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 SUPPOSE,
IF PAN NOT AVALIABLE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Then you can not claim credit of TDS while filing your income tax return.

When you give your PAN then such amounts gets credited against your PAN no and you can take credit of such TDS amount.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 IS THERE ANY TIME LIMIT FOR GETTING BENEFIT OF SUCH AMOUNT

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Furnish the PAN before deductor files the quarterly TDS return then you will get credit of the TDS amount otherwise you will have to request the deductor to revise the TDS return and quote your PAN.

You will get benefit only if you quote your PAN. In any case you can not file your Income Tax return without PAN so question of taking benefit do not arise.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 SUPPOSE,
IF I GIVE PAN OF MY RELATIVE THEN HE/SHE ELIGIBLE FOR DEDUCTION

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 You should not give someone else PAN for your Income. Since the PAN will not bear your name. Recipient of the income needs to furnish his/her PAN.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 SUPPOSE,
IF SAME INCOME I TRANSFER TO MY HUSBAND THEN PROVISION OF CLUBBING IS APPLICABLE. OK. NOW,IF I GIVE PAN OF MY HUSBAND THEN MY HUSBAND IS ELIGIBLE FOR THAT.....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Yes this can be done applying clubbing provision. Then your husband can claim the credit of TDS amount.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 BUT,
IF I TRANSFER TO MYHUSBAND THEN ULTIMATE THAT INCOME TAXABLE FOR ME THEN WHAT ABOUT ELIGIBILITY......

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 Income taxable in the hands of your husband and also the credit of TDS deducted can be availed so it wont matter much. If you can submit your PAN then you can claim the TDS as refund provided your Taxable income is NIL.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 I QUITE AGREE ,
IF I TRANSFERRED SAME INCOME TO MY SON THEN WHAT....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 You can not transfer to your son.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 You can not transfer to your son.

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2014 y i can not transfer

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 June 2014 Because clubbing provisions do not apply.

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 MY DEAR SIR,
GIVE ME LINK WHERE WRITTEN THAT PARENT CAN NOT CLUB HIS/HER INCOME WITH HIS/HER SON OR DAUGHTER AND BOTH

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 June 2014 http://www.incometaxindia.gov.in/publications/1_Compute_Your_Salary_Income/5_Clubbing_of_income.asp

See above link.

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2014 U R RIGHT
I KNOW THAT ,I CAN CLUB MY INCOME WITH MY SON BUT SUCH INCOME CHARGEABLE TO ME.
SO MY DOUBT IS : MY SON IS ELIGIBLE FOR DEDUCTION SAME AS MY HUSBAND

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