Sec -194B
This query is : Resolved
12 October 2009
Please tell me whether basic exemption limit of Rs.5000 is to be deducted while calculating the TDS u/s 194B (Winnings from Lotteries. I mean tax on Rs.30000 will be after deduction of Rs. 5000 or without deduction.
M very confused as some books deduct rs.5000 while some dont. Till I know it should be deducted on Rs.30000/-
M very confused as some books deduct rs.5000 while some dont. Till I know it should be deducted on Rs.30000/-
12 October 2009
on 30000
12 October 2009
no it will not be deducted while deducting TDS. E.G. mr x won lotteries of 30,000 the tds of 33.66% i.e.10,098 will be deducted and he will get 19,902 rs.
However, claiming of refund is possible after comupting total income.
However, claiming of refund is possible after comupting total income.
13 October 2009
Thanx 4 help
13 October 2009
Just to mention the rate will be 30% only , no surcharge or edu. cess unless paid to NRI/Foreign company
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