Refund cliam against TDS deducted U/s194B
AMARENDRA SUTAR
(Querist) 25 July 2011
This query is : Resolved
I have own a lottery against which i received the proceedings after deduction TDS u/s 194B, if agreegate income does not exceed 1.6 lac after including lottery i.e my taxable income for the year is zero.
can i refund claim for the TDS deducted from lottery prize.
R.Ramachandran
(Expert) 25 July 2011
Yes, you can claim refund of the excess tax paid. However, to get refund, you have to file your income tax return.
B.B.R.Goud.
(Expert) 25 July 2011
yes. u can claim refund, if u r below the taxable limit.
AMARENDRA SUTAR
(Querist) 26 July 2011
If have salarised taxable income in that case, can i adjust the TDS deducted u/s194B
soumitra basu
(Expert) 02 August 2011
No. for lottery income the tax is direct. you will not be entitle to the basic exemption limit.
AMARENDRA SUTAR
(Querist) 09 September 2011
Yes i agrre on yours advice but on the earlier advices, i am not fully agree.
Sailesh Kumar Shah
(Expert) 09 September 2011
I humbly disagree with the experts.
TDS can not be refunded even if you have no income.
Guest
(Expert) 09 September 2011
Dear Amarendra,
TDS on lottery winning is at the flat rate, which is compulsory on winning of Rs. ten thousands or more, while tax on regular income is based on the different rates depending upon the different range of income received during a particular assessment year. So, no refund of tax on lottery amount is permissible, irrespective of whether the total income falls short of taxable limit or not.
According to section 194B of the Income Tax Act 1956, ‘The person responsible for paying to any person any income by way of winnings from lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall at the time of payment thereof, deduct income tax thereon at the rates in force (presently 30% + education cess).
AMARENDRA SUTAR
(Querist) 12 September 2011
thanks there no further doubt remain.
adv. rajeev ( rajoo )
(Expert) 25 July 2011
