Dear Sir,
In my 2011-2012 assesment year I have the following income.
Salary: Rs.72000/-
Lottery winnings & Puzzle winnings: Rs230000/-
Tds paid : Rs.71000/-
Insurance /Lic premium paid: Rs.19000/-
If I return my IT file will I get the refund of TDS?
GTI - Rs. 302000
Less deductions : rs.19000
Net Total Income:rs. 283000
Tax Computation
1)Winnings 230000 * 30 % = rs.69000
2)Other income 53000 - exempt. since it is below the minimum limit.
Therefore Total tax payable - Rs.69000 + 2% education cess + 1 % higher and secondary education cess=Rs.71070
Since you have already paid tax in the form of Tds you would not have to pay any extra amount.
Therefore, in short ----YOU CANNOT CLAIM ANY REFUND.
I AM NOT A CA SO PLEASE DO GET CONFIRMED MY CALCULATION FROM A PERSON WHO IS QUALIFIED.
IN ANY CASE I SUGGEST YOU TO GO TO A CHARTERED ACCOUNTANT FOR TAX FILING RELATED ADVICE AS FILING TAXES BY SELF CAN SOMETIMES LEAD TO MISTAKES WHICH IN FUTURE CAN AFFECT YOUR BORROWING CAPACITY.
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
R P S K & Associates
Nashik
CA Inter
View Details
CAclubindia
