Tds on prize winning
This query is : Resolved
30 June 2015
A farmer has win a tractor in a lottery prize winning amounting Rs. 800000. He has deposited 30% of the amount in tax department and receive the tractor by showing the challan.
He is filling nil return.
Can the amount so paid above can be claimed as refund....by taking exemption limit of rs. 300000...
CMA Ramesh Krishnan
(Expert)
30 June 2015
Lottery winning is fully taxable at higher rate of 30% without considering any slabs, hence, he cannot get any refund from the tax deposited
Nikhil Kaushik
(Expert)
30 June 2015
no refund is possible for this tax credit...
01 July 2015
No basic exemption. To be taxed u/s 115BB @30%. No refund is possible.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
