Suppouse A person has income of Rs.120000 for the F.Y. 08-09..
This income includes a lottery income of Rs.30000 on which TDS of Rs.9270/- is already deducted...........
Is the person required to file the return......?
Ashish M (Chartered Accountant) (2731 Points)
23 August 2009Suppouse A person has income of Rs.120000 for the F.Y. 08-09..
This income includes a lottery income of Rs.30000 on which TDS of Rs.9270/- is already deducted...........
Is the person required to file the return......?
shruti
(Final)
(173 Points)
Replied 23 August 2009
yes....coz every rupee earned from winnings is taxable......!!
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 24 August 2009
But on taking a look at Sec.139(1), it says a person is required to file the return only if his income is above the taxable limit. (Rs.150000).
since in the case above, the income is below taxable limit (Rs.120000), pls give me the reference of hte relevant section, which cast upon the assessee above to file the return?????
Hemchand Kohli
(Accountant)
(889 Points)
Replied 24 August 2009
Yes, return must be filed as TDS Deducted for Rs. 9,270/- can be refunded.
ashish gupta
( student)
(1922 Points)
Replied 24 August 2009
if no rerurn is filed how the refund will be collected.
Hemchand Kohli
(Accountant)
(889 Points)
Replied 24 August 2009
if no return filled then there is no chance to get refund
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 24 August 2009
No return is required to file.
Threre will be no refund even if return is filed.
Regards,
Lovenish Bansal
CA Hema
(CA, B.com)
(133 Points)
Replied 24 August 2009
| Originally posted by :Ashish M | ||
| " | But on taking a look at Sec.139(1), it says a person is required to file the return only if his income is above the taxable limit. (Rs.150000). since in the case above, the income is below taxable limit (Rs.120000), pls give me the reference of hte relevant section, which cast upon the assessee above to file the return????? |
" |
ya u r right if income is below taxable income i.e 150000 one need not to file the return bt here income include casual income i.e gambling income from which deduction of basic limit is not allowed. so return has to be filled.
or in other word
if normal income is less then basic exemption limit the bal exemption is allowed from long term capital gain or short term cap gain but not allowed from gambling income so here gambling income is fully taxable and no refund can be claimed as tax has been fully deducted.
ca tarun sharma
(SERVICE)
(277 Points)
Replied 27 August 2009
no return is required to file but to avail refund it is to be filed
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
