consideration problem

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..... consideration problem
Query (Issue) Started By: - krishan sharma Dated:- 1-2-2011 Last Reply Date:- 7-9-2011 Income Tax
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Income Tax
dear sir I have a query against special inc .....

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..... ome if I have no normal income ( chargable slabe rate) and i wine a lottery and deduct the TDS from the lottery amount at 30% at the time of recieved in this case i can consider the special income as .....

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..... a normal income for refund income tax if lottery amount not exceed the exemted amount of slabe rate plaese cleare my query Reply By Surender Gupta: The Reply: Section 115BB of Income Tax Act, 1961 .....

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..... provide the provisions for levy of tax on lottery income. It is 30% on such income. In case assessee does not have any other income, there is no scope of allowing basic exemption as per section 115BB. .....

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..... To remove your doubt, you may also refer to section 112, where basic exemption has been allowed in respect of long term capital gains.
Discussion Forum - Knowledge Sharing .....

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