Income tax
This query is : Resolved
20 April 2015
Dear All,
Pls clarify my doubt about income from other source. i.e. income from Winning from Lottery or winning from horse races.
Winning from this source, received income is already after TDS, then in income statement what amount we should put as income.
and 1st time we paid tax as TDS then why we show this income from other source & why we would go for double taxation.
Thanks in advance.
Pls clarify my doubt about income from other source. i.e. income from Winning from Lottery or winning from horse races.
Winning from this source, received income is already after TDS, then in income statement what amount we should put as income.
and 1st time we paid tax as TDS then why we show this income from other source & why we would go for double taxation.
Thanks in advance.
CA Mohit Bansal
(Expert)
20 April 2015
The income from lottery or horse winning is taxable as other sources and is to be taxed at special rates at 30%. The TDS to be deductible at 30%. You have to show gross income in your ITR that is before TDS. There will not be double taxation as you will get credit of the TDS already paid
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CA PARAS BAFNA
(Expert)
20 April 2015
1. In income statement show the amount won+TDS
.
2. While computing tax on total income-
A. Compute tax at Special TDS rate on the income from winning from Lotteries.
B. Compute Tax at Normal Rate on Balance of the Total Income.
.
3.Add (A+B) to proceed further for arriving total tax payable.
.
.
2. While computing tax on total income-
A. Compute tax at Special TDS rate on the income from winning from Lotteries.
B. Compute Tax at Normal Rate on Balance of the Total Income.
.
3.Add (A+B) to proceed further for arriving total tax payable.
.
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20 April 2015
Thanks Paras Sir & Mohit Sir,
can any one give me a example with any Amount?????
can any one give me a example with any Amount?????
CA PARAS BAFNA
(Expert)
20 April 2015
Will you provide the amounts for which you require to decide tax liability ?
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