Income Received U/s 194B
This query is : Resolved
10 June 2024
If any income received from Winning of Quiz or competition as prize money and deductor have filed their tds return for TDS deducted U/s 194B. So how can this income to show in income tax return for Assessee. TDS deducted @ 30% by deductor.
Assesse also have Salary Income so which Income Tax Return Form to file and will get all chapter VI investment deduction from total income, such as 80C, 80U, 80D, etc.
Please suggest.
Assesse also have Salary Income so which Income Tax Return Form to file and will get all chapter VI investment deduction from total income, such as 80C, 80U, 80D, etc.
Please suggest.
10 June 2024
File ITR 2 under old regime, and declare the prize income under Income from other sources.
10 June 2024
In my opinion you can also use ITR 1 where the total income is not exceeding Rs. 50 lakhs.
The prize money to be reported under the head other sources.
The prize money to be reported under the head other sources.
12 June 2024
If prize money is reported under "Income From Other Sources" then alongwith Salary Income Can i get all deductions under section 80C, 80U, 80D, etc.
12 June 2024
Yes, provided you opt for Old Tax Regime.
12 June 2024
Thanx all of you.
If Employer have deducted TDS based on New Tax Regime and not shown any deductions such as 80C, 80U, 80D, 80G, loss of interest on housing loan, etc then while filling income tax return, can i opt for old tax regime and take advantage of all above deductions from salary + income from other sources. Please guide
If Employer have deducted TDS based on New Tax Regime and not shown any deductions such as 80C, 80U, 80D, 80G, loss of interest on housing loan, etc then while filling income tax return, can i opt for old tax regime and take advantage of all above deductions from salary + income from other sources. Please guide
12 June 2024
Yes, you can. Keep all the proofs of investment ready, as query arises in such cases.
13 June 2024
If income received from winning of prize money and which is shown under head "Income From Other Sources", is there any expenses deducted from this income (Apart from Chapter VI Deductions) to minimize the tax liability. Or Else have to shown Gross Income while filling ITR.
13 June 2024
No other expenses are deductible other than chapter VI deductions. There would be flat rate of 30% plus cess over the prize winning money.
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