TDS on KBC, puzzle, horse rase

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Sir, I want to know about the TDS deduction & refund procedure which is use in the case of income from Puzzle, Quiz, Horse racing for Exp. KBC.

If we assume i have won 2500000 in KBC than Plz tell us the TDS deduction & refund procedure for that case?


Thanks

Ratan Chauhan,

Replies (21)

Directly 30% on total income as per the sec 194B.

Yes, TDS must be deducted @ 30% on income earned and Refund will be applied at Income Tax Department after filing ITR and Showing TDS certificate regarding the same.

Same As Naveen garg

yes TDS rate will be 30 % and you have to file the Income tax return to get the refund

yes TDS @ 30%

TDS to be deducted is 30 % .

Also such incomes are chargeble to tax @ 30 % without any exemption.

sorry for blank above.....

I AGREE TO ALL ABOVE....

TDS IS TO BE DEDUCTED U/S 194B.....(WINNING FROM LOTTERY OR CROSSWORD PUZZLE)

ANY INCOME BY WAY OF WINNING FROM ANY LOTTERY OR CROSSWORD PUZZZLE AND ANY OTHER GAME OF ANY SORT IN  AMOUNT EXCEDDING RS..10000...IS TO BE DEDUCTED FLAT TRATE 30%.

SO UP TO RS...10000 NO TDS

EXCEEDING,30%...

KBC COVERED..

agreed praveen 

 

but no refund can be granted in case of winnings from the KBC or others (U/S 194B)....i.e. completely taxable whether whole other income comes under the perview of  taxable limit or not.

TDS on Income from lottery or crossword puzzles cannot be claimed and aggregated with TDS deducted from other sources of income.Hence no refund. Am i wright ?

 
 

Yes, since tds on income from lottery or crossword puzzle is directly taxed @ 30% and it can not be adjusted with other heads and also basic exemption is not available in this case. Hence no refund can be granted in case of tds on lottery or crossword puzzle.

Same Answre as Mr. Naveen Kumar, Tax is to be deducted @ 30% and tds refund on these types of income are not claim as refund

Agreed with Above

there is NO TDS refund, its pure tax which is deducted on behalf contestant and paid to Govt.  

The tax liability will be calculated after considering the income tax slab. Suppose the income other than income from KBC is Rs. 1 L and he wins 25 L then the tax liability will be on 24.2 L i.e., 25-(1.8-1). Thus, the person can claim a refund in this case as there will be no tax on 80,000 out of Rs. 25 L.

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