Deduction under chapter vi - a
This query is : Resolved
07 November 2011
Under which Section and where exactly is it there in the Income Tax Act that deductions under Chapter VI – A cannot be claimed from Long Term Capital Gains and Winnings from lotteries, crossword puzzles etc.
I know the above is true, but can anyone tell me which Section to refer on the website www.Incometaxindia.gov.in
I know the above is true, but can anyone tell me which Section to refer on the website www.Incometaxindia.gov.in
07 November 2011
go through url and visit sec 112
https://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx
https://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx
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07 November 2011
Thanks a lot...
and which Section says that Chapter VI A deduction is not available from winnings from lotteries, crossword puzzles etc
and which Section says that Chapter VI A deduction is not available from winnings from lotteries, crossword puzzles etc
CA PARAS BAFNA
(Expert)
07 November 2011
You may refer sub section 4 of Section 58 .
08 November 2011
But Section 58(4) says no allowance or expenditure should be allowed from such income....it does not say about deductions???....and that too deductions under Chapter VI - A
Deductions under Chapter VI - A is not an allowance or expenditure....
Deductions under Chapter VI - A is not an allowance or expenditure....
CA MANOJ GUPTA
(Expert)
08 November 2011
sECTION 115BB DEALS WITH TAXATION OF LOTTERY INCOME AND PROVIDES THAT LOTTERY INCOME SHALL B TAXED AT 30 PERCENT WITHOUT ANY DEDUCTION
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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