TDS tax treatment

GTI=             4,00,000

Less:

80C                1,00,00

80CCF           20,000

80D                 15,000

T.I.                    2,65,0000

Tax On It             10,815

TDS                    30,000

Refund               19185

Agree with pooja

Agree with pooja.

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/-

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

mr sumit nicely explained

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

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

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?

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

yes i just didnt take care of that Thanks 

Yes fully agree with Sumit

Hi.........

TDS applicable of win prize @ 30% i.e.flat rate(I-tax) only 30% not cess & NOT clubed total income.