Lottery income
This query is : Resolved
06 October 2011
Mr X has won Rs 300000 in KBC and he receives Rs 210000. His other income was 100000. Discuss the tax liability and whether he eligible for refund or not?
06 October 2011
His GTI would be Rs. 400000/- (300000+100000) but he will not get any exemption for prize won in KBC and would be taxed straight at 30.9%. 30% is already paid i.e. 90000 and balance 0.9% would be payable on Rs. 2700/- as self assessment tax.
Message likes :
1 times
06 October 2011
KBC prize amount has to be taxed under section 115BB. Refund can't be claimed on it.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Long Term Service award taxability in hands of company
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
