Answer to the query Taxability of A Senior Citizen

Tax queries 838 views 4 replies

Answer to the query Taxability of A Senior Citizen from the icai's e-sahayata team

 

e-Sahaayataa

Grievance Status : Resolved.
Grievance Remark(s) :
28/10/2010 Winnings of Rs.20,000 from lotteries is taxable at a flat rate of 30% plus 2% education cess and 1% SHEC, which works out to Rs.6,180. Since the balance income of Rs.2,30,000 (i.e. Rs.2,50,000 - 20,000) is less than the basic exemption limit of Rs.2,40,000, there would be no tax liability on such income.


Your Grievance Details
Grievance No. 001201022423BH
Activity BOS
Region Western
Name KALPESHKUMAR ASWINKUMAR CHAUHAN
Memebership/Registration No. WRO0215602
Grievance Type All matters related to students' Counselling and Co-ordination of IPCC Orientation Course
Grievance MR. jalpesh, A RESIDENT SENIOR CITIZEN WHOM TOTAL INCOME IS RS. 2,50,000. THIS INCOME INCLUDES "INCOME FROM WINNING FROM LOTTERIES" RS. 20,000. COMPUTE THE TAX LIABILITY OF MR. jalpesh FOR THE A.Y. 2010-2011.
Grievance Date 26/10/2010
Please click here if you want to reopen this grievance.

Frequently Asked Questions (FAQs) | Presentation - How to make use of e-sahaayaata
Replies (4)

I would like to request to all the CA students to make a good use of such facility called e sahayata where we can get assured answers from the icai officials.

Nice facility by ICAI.

Nice Help Option ;)
 

Really Useful.

Thanks for sharing and spreading awareness.


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