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Advance tax query
Suppose Mr. Ram won the lottery Rs 5 cr on 25 July 2018. according to lottery tax rule he is liable to pay 30% i.e 1.5 cr. And before that he was not liable to pay any taxes so he didn't file any advance tax on 15 June.
So now my question is
As 1st date of filing advance tax is already lapsed and next is 15 Sept for 45%, So tell me how much does he pay 15 % or 45%? If 45% then he have to pay interest too?
Replies (4)
No need to pay advance tax ....... Lottery payments gets TDS deduction of 30%+ cess.
Check out His Prize value in his statements...
As per my assumption.,
If he received 5cr then his prize is more than 5cr and TDS is deducted by the Prize issuer...
If Prize is Only 5cr then he received after deducting TDS amount...
So, Check out the details. If TDS deducted then no need to pay Tds or Advance Tax...
As per my assumption.,
If he received 5cr then his prize is more than 5cr and TDS is deducted by the Prize issuer...
If Prize is Only 5cr then he received after deducting TDS amount...
So, Check out the details. If TDS deducted then no need to pay Tds or Advance Tax...
ya that's true, But my main purpose to ask this question is that if someone received his taxable income from other source after 15 June i.e 1st due date without any tds deduction and have to pay advance tax. so when and how much does he have to pay 15% or 45 %
45% and no interest on previous quarter
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