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Income From Sec 194b

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Manager Accounts
105 Points Posted on 21 April 2021
Income from Sec194b Winnig from Lottery, Game F.Y. 2020-21 Rs. 1CR TDS deductions Rs 30 Lacs .

Query
1 . Income Tax Return Form Applicable?

2. Require Audit by CA.

3. If any other pls advice.

Regards
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On 21 April 2021 at 12:10 Report
Replies (5)
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Chartered Accountant
24588 Points Posted on 21 April 2021
ITR 2 should be filed.

Not required audit.

TDS should be shown accordingly as per section 194B
2 Reply
On 21 April 2021 at 12:47
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Manager Accounts
105 Points Posted on 21 April 2021
Which Type of Expenditure related to Income is allowed.
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On 21 April 2021 at 13:02
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Chartered Accountant
24588 Points Posted on 21 April 2021
No deduction for any expenditure or allowance is allowed for the computation of the income tax on the revenue generated by winnings from crossword puzzles, lotteries, races including horse races, card games & other games of any sort or from betting /gambling of any form or nature, whatsoever.
1 Reply
On 21 April 2021 at 14:28
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Manager Accounts
105 Points Posted on 21 April 2021
Thanks
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On 21 April 2021 at 14:53
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Chartered Accountant
24588 Points Posted on 21 April 2021
Your welcome
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On 21 April 2021 at 19:30


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