Surcharge on lottery
This query is : Open
20 May 2016
HELLO SIR,
If a person wins lottery of one crore fifty lakhs, he gets 70% amount of winning i.e. one crore five lakhs, his tds would be 45 lakhs, while filing his return for a.y. 16-17 will he also have to pay surcharge on his total tax liability, as his net taxable income would be more than 1 crore?
pls answer my query,
Regards G. S. Shah
If a person wins lottery of one crore fifty lakhs, he gets 70% amount of winning i.e. one crore five lakhs, his tds would be 45 lakhs, while filing his return for a.y. 16-17 will he also have to pay surcharge on his total tax liability, as his net taxable income would be more than 1 crore?
pls answer my query,
Regards G. S. Shah
21 May 2016
yes. surcharge and education cess are not applicable on the TDS made on payments to residents. Surcharge and cess on such amount has to be paid.
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