One of my relative is having salary income & also has income from lottery. He won a T.V in a draw & deposited Rs.8400 as tax through cheque. He does not have any other income. Kindly advice which ITR to be filed for F.Y 2014-15
One of my relative is having salary income & also has income from lottery. He won a T.V in a draw & deposited Rs.8400 as tax through cheque. He does not have any other income. Kindly advice which ITR to be filed for F.Y 2014-15
If you want to mention all this then you have to use ITR2A
Most probably the Tv costs only 6000 only. They have made a neat profit of 2400.
Ask your relative not to get into such bogus lottery scheme.
File ITR-1 if his income is less than 5 lakh or ITR 2/2A according to his income.
Happy filing.
| Originally posted by : Kiran. S | ||
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Most probably the Tv costs only 6000 only. They have made a neat profit of 2400. Ask your relative not to get into such bogus lottery scheme. File ITR-1 if his income is less than 5 lakh or ITR 2/2A according to his income. Happy filing. |
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In 26AS it is showing Tv amount as 27900 & TDS as 8370 u/s 194B. Should he file ITR 1 as his salary income is below 5 lakhs or ITR 2/2A
Ok Understood
File ur return under ITR-1 .
Give income details from salaray
From other sourse mention 27k as income as given in TDs form.
In TDS claim 8370 .
You should get refund of 8370 paid as tax.
Happy Filing.
File ITR1, and your friend will get refund if TDS dedcuted is more than tax payable on salary and lottery income. and if there is nothing tax liability then he will get refund of total TDS dedcuted shown in form 26AS.
File ITR 2 or 2A (prefer)
There will be no refund since this lottery income is taxable at straight 30% and no deduction or exemption is allowed therefrom. If Tax on salary has been deducted properly then there shall be no refund
115BB. Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of—
(i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of thirty per cent; and
(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i).
I just read that TDS is 194B - winning from lottery or crossword or puzzle
Yes straight 30% of 27900 is 8370. You will get refund if TDs is cut from your salary
Thanks Z for pointing this. .
| Originally posted by : Z | ||
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File ITR 2 or 2A (prefer) There will be no refund since this lottery income is taxable at straight 30% and no deduction or exemption is allowed therefrom. If Tax on salary has been deducted properly then there shall be no refund 115BB. Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of— (i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of thirty per cent; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). |
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Then ITR 2A would be more preferable??
wining from Lottries quizes cross word - ITR 2A apart from alaries
Yes ITR 2A is preferable, since you dont have capital gains. Although you can file ITR 2 also without any issues
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