sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza
 
 
Popular Search: TDS :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment
 
 
« From the Courts »
 ACG Associated Capsules Pvt. Ltd vs. CIT (Supreme Court)
 M/s Topman Exports vs. CIT (Supreme Court)
 Welcome show of judicial muscle
 Al-Kabeer Exports Ltd vs. CIT (Supreme Court)
 CCIT vs. Rajendra Singh (Patna High Court)
 Why Supreme Court judgment on telecom a blow to government
 Court grills CBI over its Pathribal probe
 Supreme Court cancels 122 telecom licences
 Maheshwari Agro Industries vs. UOI (Rajasthan High Court)
 M/s Maheshwari Agro Industries vs. UOI (Rajasthan High Court)
 High court's I-T relief for MSat

Tax woes continue to haunt
May, 14th 2009

Harshvardhan Nawathe, who won the Rs 1-crore (Rs 10 million) prize money on quiz show 'Kaun Banega Crorepati', continues to face queries on his tax liability even nine years after he emerged as the winner of the popular television reality show.

The Bombay high court last week admitted an appeal filed by the I-T department challenging the order of the Income Tax Appellate Tribunal which in 2008 rejected the department's additional claim under 115bb of the Income Tax Act.

Nawathe had added his prize money to his regular income and had calculated his tax liability as per normal taxation provisions. He had paid Rs 35 lakh (Rs 3.5 million) towards tax. The tax department, however, stated that the prize money has to be calculated under section 115bb of the Income Tax Act and the tax under this act is payable at a special rate.

"We have approached the High Court based on section 115bb of the Act, which states that winnings from lotteries, puzzles or racing have to be taxed at 40 per cent," Suresh Kumar, counsel for the I-T department said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2012 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Victorian Jewelry | Estate Jewelry | Handmade Jewelry | Rose Cut Diamond | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Fashion India | Fashion Garments | Fashion Shows | Fashion Designers | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions