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Sunny (CA Business)     10 July 2010

TDS on gift

If I pay TDS on gift (received on winning contest voucher), can I claim it back while filing return?

 

Thanks

Sunny



 6 Replies

CA Navin Jain

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS))     10 July 2010

YES, You claim the bebefit of TDS WHILE FILLING RETURN

1 Like
CA Amit Kumar Khaitan

CA Amit Kumar Khaitan (Research Analyst)     10 July 2010

nO SIR.. I DISAGREE...

THERE IS  SPECIFIC SET OF PROVISIONS FOR WINNING FROM THESE TYPE OF GAMES ( 115BB)

THE MAXIMUM EXEMPTION LIMIT DOES NOT COUNT FOR THIS PART OF THE INCOME

SIVASIVA

SIVASIVA (FCA, Future CA)     10 July 2010

Originally posted by : Amitkk

nO SIR.. I DISAGREE...

THERE IS  SPECIFIC SET OF PROVISIONS FOR WINNING FROM THESE TYPE OF GAMES ( 115BB)

THE MAXIMUM EXEMPTION LIMIT DOES NOT COUNT FOR THIS PART OF THE INCOME

T.D.S. CAN BE CLAIMED.    

Amir

Amir (Learner)     10 July 2010

Hi friends,

I think point raised by Amitkk is absolutely right since in the question it was asked whether the same can be claim as refund??

Ok let me try make it simple -

1) TDS credit will be allowed.

2) Refund of that TDS can't be claimed since the same is taxable u/s 115BB at a flat rate of 30%(i:e irrespective of assesse's tax bracket) except in a situation where assesee is having CURENT YEAR loss under head House Property/PGBP/Other sources

1 Like
C.Balaji

C.Balaji (Learner)     10 July 2010

Agree with Amir bhai....

I too had this same doubt...but Amir only cleared it.....

Refund of TDS cannot be claimed in this situation....

Sunny

Sunny (CA Business)     11 July 2010

That is I can claim credit maximum to the extent of amount of tax to be paid but not more than that.

 

For eg.1

Tax payable                15000

TDS on gift                    5000

Net tax payable          10000

 

For eg 2

Tax payable                 15000

TDS on gift                   16000

Tax Payable/Refund    NIL

 

Am I Right???


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