is Income form Quiz competition is it an Casual Income ?
Is this income can set off against Income from Business or Proffession?
Please clarify me in this regard.....
Sai Ganesh (Article Assisstant ) (254 Points)
26 March 2014is Income form Quiz competition is it an Casual Income ?
Is this income can set off against Income from Business or Proffession?
Please clarify me in this regard.....
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 26 March 2014
Yash Nakipuria
(Student CA )
(39 Points)
Replied 26 March 2014
Nazir
(Job)
(578 Points)
Replied 26 March 2014
Agree with expert, this income is taxable at the flat rate and not available for s/o, you have to consider this under i/o/s.
Hope this answer your question.
vijay singh
(CA FINAL STUDENT)
(53 Points)
Replied 26 March 2014
| Originally posted by : Sai kumar | ||
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Income form Quiz competition is it an Casual Income covered u/s 115BB this section income cannt be set off any other head income and also same same head (other causual loss)
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Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 26 March 2014
Ankit Dadhich
(student)
(27 Points)
Replied 26 March 2014
sreekanth.ca
(CA Job)
(39 Points)
Replied 27 March 2014
Lossess from Crossword Puzzles, Card Games, Gambling, Quiz Or any games of like Kind ' Cannot be Set-off against Any Head of Income (Both Same Head & Other Head) in the current year and Not even can be Carried forwarded to Future Years
CAclubindia
