tax computation

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ca tarun sharma (Querist)

28 August 2009 hello sir i want to know that if any person having only lottery income of rs 100000 whether he is required to file IT return & rs 100000 will be taxable or not,can he claim refund of tds deducted and if he has also other normal income then of rs 100000 then in which income basic exemption of rs 160000 will be first allowed

please refer provision
thanx in advance

Vikram

Vikram (Expert)

28 August 2009 If u earn any income from lottery or such game shows than the payer of the same shall deduct TDS whithout asking you your income details.
These incomes are taxable @ 30 % + 10% + 3 % if u r not assessable for surcharge than rate will be 30.90 % whether ur income is taxable or not. Hence if u earn lottery priz more than Rs. 5000 it will be taxable without allowing basic exemption limit.

ca tarun sharma

ca tarun sharma (Querist)

28 August 2009 but whether the assessee will require to file return since as per sec 139(1) if GTI is less than exemption limit return not required to be filed

please refer provision of above reply

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