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Basic exemption under section 58(4)
If a person maintining horses and spends some morey on it. he wins hoeses race and gets prize worth Rs450000. While calculatting tax is that person eligible for basic exemption and dedection in this case.
Replies (4)
Flat rate 30% will be applicable and you can't take any deductions.
30% tax rate is applicable on horse races
Infact 30%+cess=31.2% rate shall apply and no deduction of basic exemption or other deduction shall be available.
I think you might have received the prize after deduction of tds. in your case the tax liability should already be discharged. you have to just file itr.
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