T.d.s and itr

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ANIMESH PANDEY (Querist)

12 March 2014 sir if i won 25 lakh in a reality show let say indian idol and except this i dont have any income in that financial year .
1) what is the tax implication in this case?
2) which itr i should file?
3) can i claim refund for higest rate of tax?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

12 March 2014 1. The income is taxable @ 30%.
2. You have to file ITR 2
3. You CANNOT claim refund for the tax paid.

ANIMESH PANDEY

ANIMESH PANDEY (Querist)

12 March 2014 why i cant claim refund ? Mr. bhardwaj upto income of 10 lakh i shall be liable to tax at 10%( upto 5 lakh) and 20%( above 5 lakh to 10 lakh)and as you know t.d.s shall be deducted @30% u/s 194b on whole amount of 25 lakh

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

13 March 2014 In case of winning from lotteries, crossword puzzles, games, etc. income is taxable at a flat rate of 30%. Slab rate is NOT applicable to such income.

Accordingly you CANNOT claim refund.

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