Mahesh Soni (Service) (60 Points)
21 September 2011If a assesse (Individual) male Win1.00 Lac & Tax deducted 30,000/- now his income for the year is 3.00 lacs so Total 4.00 Lacs his income & he invest under 80C Rs.1.00 Lacs 80D 15000/- 80CCF 20000/- then how much tax would be refund or he would to pay some more tax . Please specify?
C.A. Sandeep Wawhal
(Chartered Accountant PGDFM BCom.)
(1823 Points)
Replied 21 September 2011
Agree with pooja
Mahesh Soni
(Service)
(60 Points)
Replied 21 September 2011
I think that for A.Y. 2012-13 ( Financial year 2011-12) Up to 1.80 lacs No tax.
so GTI = 4.00 Lacs
Less: 1.35 Lacs Deductions( 1.00+.20 +.15)
T.I = 2.65
less = 1.80
tax on = .85
tax 10.3% = 8755/-
Tds Already Deposited = 30000/-
Refundable = 21245/-
or = 21240/-
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 21 September 2011
Computation of taxable income for AY11-12:
Other incomes(assumin other dan LTCG) 3,00,000
Winning from lotteries: 1,00,000
Gross total income 4,00,000
less : deduction under chapter VI-A
u/s 80C 1,00,000
u/s 80CCF 20,000
u/s 80D 15,000 1,35,000
Taxable income 2,65,000
Tax liability
On lottery 1,00,000 @ 30% 30,000
On other income (2,65,000-1,00,000)1,65,000 500
30,500
add: cess @ 3% 915
Tax liability 31,415
less: TDS 30,000
net tax liability 1,415
Note: basic exemption & deduction under chapter VI-A are not allowed from lottery income
plz correct me if m wrng
Mahesh Soni
(Service)
(60 Points)
Replied 21 September 2011
Thanks Sumit,
I have query in this . :-
1. You Have Added Rs.5000/- full amount (265000-100000=165000 Exemped 160000 A.Y2011-12)
i think this is come in A.Y.11-12 Salb (1.60-5.00) =10% i.e 5000/-*10% = 500/-.
2.basic exemption & deduction under chapter VI-A are not allowed from lottery income
Please give me reference Act for this.
Please clear if I am right or wrong.
thanks
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 21 September 2011
Refer section 115BB of income tax act
Also c d following links
https://www.financialexpress.com/news/income-from-lottery-and-taxation/171162/0
https://www.wirc-icai.org/material/Income%20From%20other%20sources-AY0910.pdf
Mahesh Soni
(Service)
(60 Points)
Replied 21 September 2011
Thanks , Sumit.
We already taken full tax on Rs.1.00 lacs i.e Rs.30,000/- now further Rs.5000/- or Rs.500/- as per I.T. Salb would be appliable or not?
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 21 September 2011
that was jst TDS on lottery income and that too exclusive of education & secondary higher education cess.
For balance income tax, u hav to deposit the balance tax as computed in the table.
plz correct me if m arng
CA Devender Chauhan
(Group Financial Accountant)
(1526 Points)
Replied 21 September 2011
Yes fully agree with Sumit
CWASushil gupta
(Job)
(29 Points)
Replied 21 September 2011
Hi.........
TDS applicable of win prize @ 30% i.e.flat rate(I-tax) only 30% not cess & NOT clubed total income.
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