Overall loss under speculation business

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46 Points Posted on 19 April 2023
one of my client tds deducted @ 30 percent slabs for winnings for cards, but overall loss only for the financial year, if i show that loss in itr , can he get refund of tds which is deducted under 194B? some one please advice about it.thanks in advance
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On 19 April 2023 at 16:17 Report
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Quick Summary
A client had TDS deducted at 30% on card game winnings, despite incurring an overall loss for the financial year. The user is asking if showing this loss in their Income Tax Return (ITR) can lead to a refund of the TDS deducted under section 194B. However, the consensus is that TDS on game winnings is not refundable, and losses cannot be claimed or used to offset this specific tax deduction.

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SEO Sai Gr. Hosp.
212455 Points Posted on 19 April 2023

No. TDS on game winning is not refundable.

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On 19 April 2023 at 17:47
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46 Points Posted on 20 April 2023
Ok you sir for your response
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On 20 April 2023 at 21:05
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SEO Sai Gr. Hosp.
212455 Points Posted on 21 April 2023

You are welcome.        

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On 21 April 2023 at 09:19
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Practising CA
8954 Points Posted on 22 April 2023
Nice question and reply. I had to go back and read this section again. You cannot claim loss nor you can get a refund for this.
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On 22 April 2023 at 00:04

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