CMA RAVI GUPTA (MT in VPL) (493 Points)
20 December 2009The total income of Mrs. Z computed for the A.Y. 2009-10 is Rs. 2,00,000 which includes the following:
Long Term Capital Gain 30,000
Winning from Lottries 20,000
Short Capital Gain u/s 111A 10,000
Agriculture income earned by her was Rs. 50000.Compute the tax payable by Mrs. Z?
Pls friends help me yaar..........................................................?????????????????????????:)
Ranjith
(Article)
(37 Points)
Replied 21 December 2009
hey the information is quite incomplete...as in how much TDS has been deducted...in lottery winnings normally the amt is given only after deducting TDS..and as for long term capital gains, is it from shares or selling a property...lotsa questions are still to be answered....
Ranjith
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 21 December 2009
Yeah is there any investment....u/s 80C.....or any other investment......
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 21 December 2009
Mrs. Z is not a senior citizen.
winning from lottries is gross figure.
LTCG is related from property.
No.there is not any investment u/s 80C
thanxxx guys............I will be waiting for urs reply.
CA. Anshul Bajaj
(Taxation Head)
(173 Points)
Replied 22 December 2009
Ranjith
(Article)
(37 Points)
Replied 22 December 2009
I wont agree with anshul and R.D Verma:
No tax need to be paid and u can claim a refund for 6600 (TDS deducted From lottery earnings @ 33%(includin cess)).
The flat tax rates on LTCG(Sec 112) & STCG(Sec 111A) are applicable only when the total income is above the income tax slab rate. Since agricultural income is exempted, the total income dosn't exceed the Tax Slab Rate for Women.
Ranjith
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 22 December 2009
| Originally posted by : Ranjith | ||
 |
I wont agree with anshul and R.D Verma: No tax need to be paid and u can claim a refund for 6600 (TDS deducted From lottery earnings @ 33%(includin cess)). The flat tax rates on LTCG(Sec 112) & STCG(Sec 111A) are applicable only when the total income is above the income tax slab rate. Since agricultural income is exempted, the total income dosn't exceed the Tax Slab Rate for Women. Ranjith |
 |
Ranjith you are right but you cannt claim any slab rate exemption in case of winning from lotteries....it has to be taxed at flat rate of 30% plus education cess.
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 22 December 2009
thanxxx guys ...............but yaar in above case gross total income does not include agriculture income ........so pls reply again.....thanxxxx buddy
Ranjith
(Article)
(37 Points)
Replied 22 December 2009
Shudhanshu, correct me if i'm wrong...
In the case of winnings frm lotteries, the amount paid to the person is always the amount from which the TDS has been deducted. The Govt or whichever body is concerned always deducts the TDS and pays the remaining amt to the winner. The TDS rate is ofcourse is flat 30 % plus the cess. ie 33%
Now what you missed out is if the income earned in the year dosn't exceed the slab rate, the person can readily file for a refund for the said TDS amount deducted.
And this case is applicable for all theTDS deductions, be it commission,rent, interest etc. If the income during the year dosn't exceed the slab rate, he can definitly file for refund to the extent of his given slab rate.
Ranjith
Ranjith
(Article)
(37 Points)
Replied 22 December 2009
hey and ravi
plz rephrase ur question and include everythin in it......its betta u provide us with the income heads and totalling of which wud result in the gross figure.
Ranjith
Pushkar Mandke (CA and CMA)
(Employee)
(30 Points)
Replied 23 December 2009
Since, Agricultural Income is exempt u/s 10 the total taxable income falls to Rs.1,50,000/- which is way below the first slab of Rs.1,80,000/- available for woman.
Total Tax payable will be nil.
T.D.S. on Lottery Winnings (If any) can be claimed as refund in the return of income.
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 23 December 2009
The total income of Mrs. Z computed for the A.Y. 2009-10 is Rs. 2,00,000 which includes the following:
Long Term Capital Gain 30,000
Winning from Lottries 20,000(GROSS AMOUNT)
Short Capital Gain u/s (111A) 10,000
In addition,,, Agriculture income earned by her was Rs. 50000.Compute the tax payable by Mrs. Z?
NOTE:
Mrs. Z is not a senior citizen.
winning from lottries is gross figure.
LTCG is related from property.
there is not any investment u/s 80C
Pls friends help me yaar..........................................................?????????????????????????:)
CA Pavithra S
(Chartered Accountant)
(92 Points)
Replied 23 December 2009
Hi here is tax calculation,
Total Income (20000+50000)= 250000
Tax on income
Tax on LTCG on Rs 30000 @ 20% - 6000
Tax on STCG U/s 111A @ 15% - 1500
Tax on winnings at 30% - 6000
(on balance of Rs 140000 - Nil (Basic exemption Rs. 180000)
therefore Total Tax = Rs. 13500
LEss : REbate on agriclutural income
Basic Exemption -180000
Add: AGri income-50000
Total -230000 -Rs. 5000
Balance Tax - 8500
add: Education cess 3% -255
Total Tax payable = 8755
Less: TDS on winnings(30.9%) - 6180
Balance tax payable is RS. 2575.
Check it once
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