Last Year I won Online Game where I won prize of 85000. On it 30 percent was deducted and rest was given to me through online transfer. Now, my total income (even after including prize money), is not taxable. My question is can I Claim Refund for the 30 percent deducted as TAX on winning online game?
Please reply, and also help me know where can I show such income.
If you receive money from winning lottery,Online TV Games/Shows etc,it will be taxable under the head Income from Other Sources .The flat rate of tax shall be 30% and after including cess of 4%,it shall be 31.2%.Also when such prize money exceeds Rs 10000/-,such amount shall be received after deduction of TDS u/s 194B at the rate of 31.2%.It does not matter whether the income of such winner is taxable or not.The benefit of basic exemption limit is not applicable here.Therefore you have to pay tax @ 30% plus cess on the winning amount and tax deducted on winning such game can't be claimed as refund.
HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
View Details
M N Rao & Associates LLP
Vijayawada
CA Inter
View Details
CCI
Pro
CAclubindia
