CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TDS refund on lottery winnings


Varsha Preman (Article)     18 October 2020

Varsha Preman
Article 
 2 likes  78 points

| My Other Post

Dear All

If I had got a price money of Rupees 40000 and TDS has deducted on it, can I claim refund of that TDS amount, provided I have no other income?? 

 

Thanks in advance

avater

jasmeet singh   18 October 2020

jasmeet singh

 8 likes  182 points

View Profile | My Other Post

No, you will not entitled to get credit .because in case of lottery your tds had been deducted at 30% , and it will also be taxable in other sources at 30 % .

avater

Varsha Preman (Article)     18 October 2020

Varsha Preman
Article 
 2 likes  78 points

View Profile | My Other Post

Correct me if I am wrong.

Price money would be taxable under the head income from other sources - Sec 56. That section says that I am liable to pay tax for money received without consideration in excess of 50000. Then why Am I not entitled to claim TDS refund? This 40000 is not taxable under the head income from other sourc.

avater

jasmeet singh   18 October 2020

jasmeet singh

 8 likes  182 points

View Profile | My Other Post

In case of lottery exemption is upto 10,000 only
tax rate us 115bb is 30 % for lottery .
section 56(2)10 not apply, this is for gift .

avater

Mahesh Ingole   18 October 2020

Mahesh Ingole

 5 likes  39 points

View Profile | My Other Post

Lottery is taxable as per special rates. We can not take deduction or benefit of Besic Exemption Limit (BEL) even if lottery income is less than BEL.

avater

ayusmita (Tax consultant)     18 October 2020

ayusmita
Tax consultant 
 99 likes  1384 points

View Profile | My Other Post

Winning from lottery attract a non refundable TDS @ 31.2% including cess n surcharge
and the income you get after TDS for lottery is no more tax again as per act

avater

Varsha Preman (Article)     18 October 2020

Varsha Preman
Article 
 2 likes  78 points

View Profile | My Other Post

Section 194 B is telling about the limit of 10000 for PAYER to deduct tax. Is section 115BB is clear about the limit 10000?? Can anyone show that in that section? Also section 115 BB is telling about the tax rate....but under what section in income from other source it is taxable? 

avater

Varsha Preman (Article)     18 October 2020

Varsha Preman
Article 
 2 likes  78 points

View Profile | My Other Post

Section 194 B is telling about the limit of 10000 for PAYER to deduct tax. Is section 115BB is clear about the limit 10000?? Can anyone show that in that section? Also section 115 BB is telling about the tax rate....but under what section in income from other source it is taxable? 

avater

jasmeet singh   18 October 2020

jasmeet singh

 8 likes  182 points

View Profile | My Other Post

115bb is charging section, while 194b relates to norms for deduction of tds on income of lottery etc.

avater

ayusmita (Tax consultant)     18 October 2020

ayusmita
Tax consultant 
 99 likes  1384 points

View Profile | My Other Post

Mam you are not getting the point
lottery or winning money from game shows or puzzle or gamble or crossword are non refundable TDS
even the income for this is shown in income from other sources
but while calculating overall tax of a person
your income which you get for winning tds will cut as per section 194B and your net taxable income will be get taxed as per income tax slab rate


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Related Threads


Loading

Popular Discussion


view more »



Trending Tags
GST Live Class    |    x