Surcharge on lottery
This query is : Open
Shirish Shah
(Querist)
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
SANTOSH SAGAR K
(Expert)
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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