TDS refund on lottery winnings

Tax queries 1362 views 10 replies

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

Replies (10)
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 % .

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.

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 .
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.
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

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? 

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? 

115bb is charging section, while 194b relates to norms for deduction of tds on income of lottery etc.
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
It is not always possible that there is a charging section and must be a section contain tax rate. in case of long term capital gain on shares etc are to be taxed in in 112a and tax rate is also given in this section 10%.


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