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Dharmendra kumar Rajpoot   29 September 2020

Refund against TDS u/s 194B

TDS u/s 194B of Rs. 15,600/- against winning of Rs. 50,000/-.
No other source of income.
Total income Rs. 50,000

May that person get refund of Rs. 15,600/ in ITR.
pls


 12 Replies

jacinthamary

jacinthamary (accountant)     29 September 2020

TDS deducted against winning cannot be claimed as refund.
1 Like
RAJA P M

RAJA P M ("Do the Right Thing...!!!")     29 September 2020

Yes... I agreed to Mr Jacinthamary.

TDS can't get refund if it's deducted based on winning games...
1 Like
Sagar Patel

Sagar Patel (Tax and Business Consultant)     29 September 2020

Not get any refund.

Money received out of winning from lottery falls under the Head ‘Income from Other Sources’. This amount will be taxable at flat rate of 30%+ applicable cess

TDS is deducted when the winning amount exceeds Rs 10,000/-. This is the only exemption.

It doesn't matter if your overall income is below taxable limit. The benefit of basic exemption limit is not applicable in this case. You have to pay tax at 30% +applicable cess on the winning amount under all circumstances, therefore you can claim TDS in IT return but your liability is also equal to TDS amount So, the ultimately you don't get any amount as refund.
1 Like
Dharmendra kumar Rajpoot

Dharmendra kumar Rajpoot   29 September 2020

Ok thank you everyone
1 Like
vinayak landge

vinayak landge (B.Com)     29 September 2020

Dear experts

whether in above case can he claimed rebate u/s 87A as his total income is less than 5 lacs?
1 Like
jacinthamary

jacinthamary (accountant)     29 September 2020

He cannot claim rebate because there is no tax liability. Tax rebate is available only if there is any tax. This amount cannot be claimed as refund.
1 Like
Dharmendra kumar Rajpoot

Dharmendra kumar Rajpoot   29 September 2020

Sir
is that person bound to file ITR compulsorily?
if total income is only Rs. 50,000/-.
vinayak landge

vinayak landge (B.Com)     29 September 2020

but total income format is like:

IFOS = 50600 (35000+15600)

Total Income = 50600

Tax payable per section 194BB = 15790 (50600*30%+4%)

Less: Rebate u/s 87A = 12500

Net Tax Payable = 3290

Less: TDS Deducted = 15600

Refund = 12310

is the above treatment right?

1 Like
Sagar Patel

Sagar Patel (Tax and Business Consultant)     29 September 2020

1. Rebate u/s 87A of Rs. 12,500 available(As income below 5,00,000)
2. If you have only this income i.e Rs. 50,000/- winnings income, than its below Exemption limit, So, As per Income'tax you are not required to file ITR.
But As TDS deducted in your income and you want to claim Refund of same So, You have to file your ITR Compulsorily to claim Refund.

3. Refund (i.e ITR Calculation) is as below

Total Income ....50,000( i.e winning income only)
So, Tax @ 30%...............15,000
Less : Rebate u/s 87A....12,500
Tax after rebate................2,500
Add: Cess @ 4%..................100
Tax with cess...................2,600
Less: TDS Credit............15,600
Refund Amount.............13,000

I hope it's clarify all doubts...
2 Like
Dharmendra kumar Rajpoot

Dharmendra kumar Rajpoot   29 September 2020

Thank you everyone
Krishna Chaudhary

Krishna Chaudhary (Accountant)     16 January 2021

No you can't. against specific speculation income there is no basic exemption limit
Mehta Sagar

Mehta Sagar (Founder of Silly Tax Solutions)     13 June 2021

that is the correct answer you can also check some ITR filing software which shows the same ans


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