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Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2013 If Miss X (age 25 years ) (Student & not having any other income ) wins Gold of Rs. 1 Lac from newspaper draw in the year 2011-12 & pay to newspaper Rs. 30,000 for TDS u/s 194B. Then what amount of tax will be there? & is ITR 2 is to be filled ? Is Tax Rate 30% or at normal rate?

CA Pallav Singhania

CA Pallav Singhania (Expert)

27 December 2013 ITR 2 is to be filled...
and as your income isn't cross the threshold limit of 2lacs it isn't compulsory to file return..

Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2013 If Miss X (age 25 years ) (Student & not having any other income ) wins Gold of Rs. 1 Lac from newspaper draw in the year 2011-12 & pay to newspaper Rs. 30,000 for TDS u/s 194B. Then what amount of tax will be there? & is ITR 2 is to be filled ? Is Tax Rate 30% or at normal rate?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

02 January 2014 1. Such income is taxable at a flat rate of 30%. Basic exemption limit is NOT available against such income. Accordingly tax will be levied @ 30%.

2. Since the income does not exceed the exemption limit it is NOT mandatory to file the return.

However, the return can be filed by filing ITR 2.

NB: The assessee should file the return to avoid any future problems.

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