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...
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
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.
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