Advance tax - urgent help needed
This query is : Resolved
22 May 2021
Mr. A, aged 59 years, won 9 lakh and Mr. B, aged 50 years, won
8 lakh from lotteries. Tax deductible at source under section 194B
was duly deducted. Assuming that this is the only source of income of
Mr. A and Mr. B for A.Y.2021-22, are Mr. A and Mr. B liable to pay
advance tax for that year?
(a) No, Mr. A and Mr. B are not liable to pay advance tax as tax
deductible at source under section 194B has been fully
deducted
(b) Yes, Mr. A and Mr. B are liable to pay advance tax
(c) Mr. A is liable to pay advance tax but Mr. B is not liable to pay
advance tax
(d) Mr. B is liable to pay advance tax but Mr. A is not liable to pay
advance tax
Please anyone give answer with reason
8 lakh from lotteries. Tax deductible at source under section 194B
was duly deducted. Assuming that this is the only source of income of
Mr. A and Mr. B for A.Y.2021-22, are Mr. A and Mr. B liable to pay
advance tax for that year?
(a) No, Mr. A and Mr. B are not liable to pay advance tax as tax
deductible at source under section 194B has been fully
deducted
(b) Yes, Mr. A and Mr. B are liable to pay advance tax
(c) Mr. A is liable to pay advance tax but Mr. B is not liable to pay
advance tax
(d) Mr. B is liable to pay advance tax but Mr. A is not liable to pay
advance tax
Please anyone give answer with reason
CA R SEETHARAMAN
(Expert)
22 May 2021
Tax is fully deducted no need for any advance tax.
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