Pls guide me...

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founder
41 Points Posted on 21 July 2012

I've won a contest held by a US based comapny. I'm Indian citizen.

My quesation is:

- How much income tax is applicable on the money?

- Does this money comes under Lottery system where flat 30% is applicable?

My CA says that the company is based out of India so there are no taxes to be paid except Income Tax under slab system. Is this right?

Contest details:

I made a free computer software, I own the IPs of the software, submitted to the company, more people also submitted from various countries, I was chosen for the prize by the judges.

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On 21 July 2012 at 10:55 Report
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Learner
140 Points Posted on 21 July 2012

Income arose in India?.....whether you made Software in India?.....if yes then income is arose in India and Taxable in India at a flat rate of 30%.

 

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On 21 July 2012 at 11:20
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Student
41 Points Posted on 21 July 2012

kindly help me

N.A. Plot Purchased in F.Y. 2002-03 for Rs. 8.50 lck.

owner & Developer came to an development agreement 2012-13
land Govt. Val. Rs. 50 lack & Residential Construction cost Rs. 1 crore

for Cash Rs. 20 lck.

&
40 % of salable area of construction to be completed in 2.6 years

my question is that whether to paid gain on 40 % salable in F.y. 2012-13 or when it will complete
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On 21 July 2012 at 13:06
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Assistant Manager - Finance & Accounts
702 Points Posted on 21 July 2012

Did you receive the money in India or in US? If you directly received it in India, it is taxable under lottery and taxable @ 30%. Also, income deemed to has arosen in India as software made in India. It is taxable anyhow   @ 30%.

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On 21 July 2012 at 15:14

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