Answer to the query Taxability of A Senior Citizen

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