Filing ITR-2 - Income from Dream 11, Lottery Winnings -AY 23-24 II Tax on Causal Income I
ฝัง
- เผยแพร่เมื่อ 6 ก.ย. 2024
- ITR2 on causal income,
itr2 on dream 11,
itr2 on lottery winnings,
Tax on Dream 11,
Tax on Lottery Winnings in India,
casual income income tax,
online game income tax,
194B Tds,
194bb tds,
online sports betting taxes,
Winning from KBC Game Show,
Winning from Dance India Dance,
Winning from reality shows,
Winning from Indian Idol,
Winning from Big Boss, Nach Baliye, India’s Got Talent, Fear Factor, MTV, Roadies etc,
Winning from Pocker, Dice, Rummy culture, Dream 11, Fantasy League,
tax on quiz show winnings,
tax on online betting,
betting income tax,
Section 115BB,
Casual income are
Lotteries
Crossword Puzzles
Races inclusive of Horse Races
Card Games and other Games of any sort (Online gaming , Game show, an entertainment programme on television or electronic mode - (KBC Game Show, Dance India Dance, Indian Idol, Big Boss, Nach Baliye, India’s Got Talent, Fear Factor, MTV Roadies etc)
Gambling or Betting of any form or nature whatsoever (Pocker, Dice, Rummy culture, Dream 11, Fantasy League etc )
Note: Casual income, is non-recurring in nature / not likely to occur again and again in a year / earned by chance / Frequency is uncertain and not fixed / unanticipated and unplanned
TDS Applicability
TDS is applicable only if the winning amount is more than Rs 10,000
TDS @ 30% under section 194B or under section 194BB-Horse Races)
Suppose winning amount Rs 1 Lakh and TDS 30,000 = Rs 70,000
If winning amount is less than Rs 10,000 than in such case the person should pay tax from his own pocket
There is no provision of refund of such amount
Other Provisions of Income Tax
No expenditure is allowed from such income
No deduction under section 80C to 80U or any other deduction or allowance is allowed from such income
The benefit of basic exemption limit and income tax slab rate is also not applicable to this income (i.e. Special Rate applicable)
Casual income is chargeable under the head ‘Income from other Sources’ under Section 115BB of the Income Tax act
The entire amount received will be taxable at the flat rate of @31.20% (No set off loss)
For any winning prize in kind in such cases the Prize distributor can either recover from the winner or he himself can bear the burden of the tax
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Sir you are Awesome , your Videos are so helpful for concept clearity , Teacher ne btaya ye-ye provision hota aese work krta hai kuch samaj nahi aata hai , but aap ne sare provision ko bahut ache se bataya hai wo bhi pratically , that's really a great effort from you in every Video where you explain things pratically ...aap esiliye Unique hai , always Great Learning with You💯
You are wrong, losses from one game can be set off against profit of another game. Basically tax to be paid on net winnings. If no actual profit then no tax. This provision has been rectified this year with 115BBJ.
Can losses be set off against profit?
@@vamshicasanovahmm
@@CAyashpanjwaniji what about the previous years like 2020-21?
@@vamshicasanova nothing can happen 😶 now
Koi meri help kar Sakta he mera bhi yahi problem he 1 app pe profit he aur dusri pe loss me hu to refund kese hoga
Sir maine 2023-24 FY me online betting app parimatch me kul milakar lag bhag 2 lakh rs ka deposit kiya tha aur 1 lakh rs kul milakar withdraw bhi kiya tha
BHAI UPDATED VEDIO DEDO.. after new law 115bj.. still betting is on 115BB mehi barhna hai kaa
Pls check this updated video
th-cam.com/video/LMtfF8R2qxo/w-d-xo.html
Sir Thanks for informative video. One query, Is the amount withdrawn from Dream 11 account considered as income or even the winning amount reused to play more contests within dream 11 account too considered as income?
Nhi jab ap withdrawal karoge tab jake
Sir ITR 5 not yet released on ITR portal for partnership firms not opting for income u/s 44AB. Any idead, then will the govt extend the due date
Excel utility is available but for online mode can't say abhi toh koi news nahi hai.... But it is very late and govt should extend the date... Let's see
Sir meri salary income 3lacs/A hai aur net income u/s 194b(winning for lottery or crossword puzzles u/s 115bb) and 194ba (winning from online games) dono ka hokar total 11000 hai to mera 3300 ka tds kata hai to kya ye 3300 ka refund mujhe mil jayega ? Aur ise IFOS me kaha aur kese shown kare? Yani alag alag ya 115BBJ me hi dono amount plus kakrke show kare?
@@Ab360-u1p please check this video dono alag alag dikhao
th-cam.com/video/LMtfF8R2qxo/w-d-xo.html
File ITR in Old Tax Regime
Bhai agar overall loss hua h Fiscal year 2023-24 me to Jo TDS kat gyaa hai 25k usko kese refund karege & net winnings 0 show karni padegi kya ????
Yes
Sir at first i was 2 lakh profit so 60000 tds deducted.then i was only 40000 profit end of the financial year.so what amount i fill up my income ? And the extra tds amount can be refund? Please reply sir😢
Maximum refund only upto Rs 25,000 so file ITR in New Tax Regime
I have earned 4 rupees from Dream 11 and 1.1 Rs tax deduction. I had filed IRT 1 is that correct or i need to revise my ITR file to ITR 2. Please . As per form 26 AS its showing deduction under 194BA .
suggest as i am also salaried
Waise toh ITR-2 file honi chaiye but amount is very small so you can wait for defective notice after that can revise the ITR
Thank you and I have received below message but no email.
Processing of return filed for PAN Xxxxxxx 2024-25 is pending due to certain discrepancies. Kindly check your email and take appropriate action on or before 22-Sep-2024. ITDCPC
Please advise if I need to revise and file ITR 2
Sir gross amount pe dena hoga ya net amount pe
Hello Sir,
I am salaried employee with 8 lac LPA. ( My taxable income is below 5 lac in old regime)
As per AIS i had already paid 8000/- TDS to government through Dream 11.
So, in ITR 2 still i need to pay any tax or not? Please help.
Don't worry if your taxable income below Rs 5 Lakh than no more tax... Further in Dream 11 already tds deduction @30%
Sir maine gaming bandh kar diya h fir bhi itr 2 he show kar raha h..1 kyu nai ho raha h .ya 1 karne k liye kya process h
ITR-2 hi file hogi not ITR-1 नहीं तो Defective ITR Notice आ जाएगा
Agr colour trading me jyada transaction ho jaye or loss me rhe fir bhi income tax dena hota h kya
No
@vpstca Sir, arent fantasy apps like Dream 11 are game of skill, therefore not counted in section 115BB?
For winning from online games like dream 11 are covered in section 115BBJ that is a new section which is differ from section 115BB but Tax rate is same @30% whatever is the income
@@vpstca Yes, section 115BBJ has been introduced this year and applicable for future years. But for FY 22-23 and years prior to that, how can fantasy apps income be counted in section 115BB because it has been numerously declared by courts, including the Supreme Court, that it is a game of Skill, and not applicable as gambling, lottery or betting. So it shouldn't be filed in ITR in section 115BB and be filed as a normal income in normal income tax brackets?
@@vpstca sir your answer will be really important because there are many who still have not filed their income tax due to this fantasy games rules misinformation. Please answer because I am posting my question again below:
@vpstca Yes, section 115BBJ has been introduced this year and applicable for future years. But for FY 22-23 and years prior to that, how can fantasy apps income be counted in section 115BB because it has been numerously declared by courts, including the Supreme Court, that it is a game of Skill, and not applicable as gambling, lottery or betting. So it shouldn't be filed in ITR in section 115BB and be filed as a normal income in normal income tax brackets?
@@RainbowSilver-it9eh agreed with you there is lot of confusions regarding this either it is game of skill or gamblimg/betting but still income tax point of view is totally different and they treat it as betting or gamblimg and impose flat tax @30%
@@SubhankarDas-vf8xg advance tax deposit karwa doh
sir in future is there any chances for penalty from it department as it is a special income amount which i get as refund after itr filling ?
Refund is poosible only in this kind of situation otherwise not..... Generally refund not available on these kind of winnings
Sir tds of Rs.82 has been deducted from online gaming do I need to file ITR 2 as I'm salaried?
Yes
Sir agr net winning 15 lakh ho after paying 30% tds
Uske baad mughe income tax slab se alag se tax bharna padega kya
Slab ke hisab se pay nahi karna hai... only 30%
Sir ilegal online game ki itr file ho jaati hai kya
Sir tdc bhi nahi kata to tax nahi dene se income tax ka to notice nahi ayega na
@@girirajdas1638 loss ke case mein kaun sa tax pay Karoge
मैं 20 जून 2023 से ऑप्शन ट्रेडिंग कर रहा हु।तो क्या मुझे 2023-24 के लिये ITR भरना पड़ेगा या अगले साल 2024-25 में भरना पड़ेगा।प्लीज मार्गदर्शन करें।
आपको next yr 2024-25 मैं itr file करने padega by 31 Jul 2024 for this FY 2023-24
Thanks sir.
Sir My Dream 11 winning is more than 10L and I already gave 30% TDS at the time of withdraw, So my question is that, Do I need to file any ITR now? I have no other Income as well. Please reply 🙏
Yes file the itr
@@vpstca Only ITR or I have to pay more tax?
Sir ek baat bato mere dream 11 15 lakh ki winging hu thi to 30%tds hai
449999 yeh mere refund ho skta hai kya
Mere mtlb government refund wapse kar thi hai yeh nhi😊
Sir mai vision11 me 50000 Tds pay kiya hu bad me mai kaafi loss me chala gaya kya 50000 tds refund hoga
Tax will be payable on Net Winnings means if you have overall loss than TDS amount will be refunded at the time of filing ITR
Mera bhi same problem he pahle profit me that bad me loss me hu to cut hua tds kese milega plz help me or contect me
Same for me tds refund kese ayega sir
Lekin sir 1lakh ka jo withdraw kiya tha wahi par notice to nahi ayega na😢
Sir waha par to parimatch betting app ka nam hi nahi hai apke video me to tds katne ke baad refund lene ka baat hai lekin sir maine pusa tha ki 2lakh+ deposit kiya tha aur 1lakh 28 hazar withdraw kiya tha loss 95 thousand waha par tax kya hoga😢
Loss ke case Mein tax नहीं lagega
Sir fastwin color prediction online game ki winning income ki ITR file ho jayegi kya
Yes
Sir jo paisa hum team par lagate hai or haar jate hai toh us par bhi tax katega kya
No
Sir mai ek aur baat clear ho leta hu ki agar ek saal me mera gaming tax 30000 rs hota aur maine paid nahi kiya to agar 6 saal baad muje income tax se notice ata to tab kitna tax payment karna hota
Upto up to 300% of this amount
@@vpstca matlab sir 30000 rs ka abhi jo tax hai yahi tax lagbhag 1lakh ka hoga kya 6saal baad
Sir mai last financial year me kaafi loss me tha lekin maine tds nhi pay kiya kbhi to ky ITR file krne se tds nhi lgega iss saal
Please reply sir
Tds लगेगा ITR File करते हुवे यदि आपको PROFIT हुआ हैं.... Loss पर Tax नहीं lagta
1 crore jitane ke baad ITR FILL KRNA COMPULSORY HAI KYA...DREAM 11 SE WINNING KA PAISA SIDHA ESTAMAL NHI KR SKTE
Yes, ITR Filling Compulsory
SIR , IF THE INCOME OF THE PERSON IS LESS THAN EXEMPTION LIMIT AND TAX DEDUCTED FROM GAMING IS LESS THAN 25000 ₹ TDS LIMIT , THEN IS IT COMPULSORY TO FILE ITR ?
No but income tax notice send kar raha hai for non filers whom tds is deducted even it is less tha n rs 25K
So I will suggest to file ur itr
@@vpstca Sir, actually I am a student. Just for some extra pocket money I play online games. Could you please make a video on Filing ITR for income earned from online games when AY 24-25 starts.
@@DEEP_CRITICAL_THINKER ok contact me at vpstca@gmail.com that time
bussness income nahi show kar sakte kya yaha.....tution work.
No file Itr3 or Itr4 for business income
Sir i won amount on dream 11 in the year 2020 but i not filed itr TDS was deducted I got a TDS certificate is there any problem in future by not filing ITR for that TDS was reflected on 26as please reply me and some amount i loss on trading from that winnings is there any problem for not filing itr for that assessment year its been 3 years
@@ganeshgoud5243 how much amount it was?
@@vpstca 3500000
@@vpstca is there any problem with amount or it depends on amount please tell me
@@vpstca sir reply please can you tell me
Rs 35 lakh is big amount yes it can create problem
sir maine 1xbet me crash game se profit kiya hai itr fileme kya kya document dena hoga
1st time file karoge kya file ITR ?
Sir mai ab tak 2lack ke loss me hun to mujhe tds refund milega kya
Yes
Sir Meri 24k tds cut hua tha dream 11 mai aur meri income 5 lakh se km hai toh refund ho skta h?itr 1 file krna cahiye ja 2?
File ITR 2
Bhai winning se 2000 hazar winning hua toh tax dena hoga kiya
No
6lakh winning 1.5lakh tds any chance of return
No
sir me ak aur musibat me fas gayi hu
Mera ghar assam me
jsha par batting app ban hai
jo baat muje sir aaj tak nahi pata tha
Abhi abhi me TH-cam dekh raha tha aur video me pata chala
sir maine jo betting app me me paisa lagayi ban ki baad bhi muje ab koi problem ho sakta hai kya sir😢😢😢
Police muje pakad lega kya sir😭😭😭😭😭
No
@@vpstca sir koi dikkat to nahi hoga na
Dream 11 toh tax cut kr leta hai ab kaisa file
Tds return mil jata hai
Yes, new tax regime mae Rs 25k तक and old tax regime mae Rs 12.5k तक.... But और कोई income है like salary, pension etc 5-7 Lakh tak toh kuch refund नहीं milega
Tds Refund lottery income sa kysa mil saktha haa??ya portal galat dikha raha ha
Yes in this situation only
@@vpstcakya tds Refund oa saktha haa???
Sir Mera salary income or lottery income konsa ITR file Karu
ITR 1 Kiya defective notice aa gya
File ITr2
@@vpstca sir salary income bhi dikhana padega
Yes
Sir abi itr file ki toh paisa kitne din mai ayega
1 month maximum
Uspe application ne 1rs bhi tds nahi kati ab muje tax dena hoga kya
Yes
@@vpstcasir maine total deposit FY 2023-24 me total 2lakh 22 hazar deposit kiya tha kul milakar aur kul milakar withdraw 1lakh 28 hazar kiya tha tax kitna hoga
Sir maine 30 June 2023 se Dream 11 pe khelna start kia tha...kya mujhe abhi ITR Fill karna hoga ya next year ?
No
Rummy kai cleam karsakta hai
Yes
Mai probo app par earning karta hu.. Usme bhi same apply hoga?
Yes
Mere tds 12050 r refundable amount show ho raha hai 6850 kya 12050 refund nhi ho sakta hai
It depends on your other income also? Have you other income besides this?
@@vpstca no only gaming income
@@kalyanmandal3511 हो जाएगा After 15 Jun bcoz last qtr (Jan to Mar 24) का tds जून मैं दिखेगा
Online gaming se 60 hjar withdra hua he to ise itr 2 me jana hoga kya dikhane
Yes
@@vpstca sir agar na dikhye to
@@vpstca sir kha se dunga
@@vpstca aur log to khlte he niklate he ite fill hi nhi krte😫
@@vpstca plz call help
Sir kitne rs ka tax dena hoga muje😢
30% on Net winning
@@vpstca sir net winning mera kya hoga 2lakh 25hazar deposit 1 lakh 28 hazar withdraw 95000 rs loss
@@girirajdas1638 please check this video
th-cam.com/video/LMtfF8R2qxo/w-d-xo.htmlsi=I_aonVKnFHavjlZ3
@@vpstca sir tds to nahi kata mera
Hello sir,
1. Heard that IT dept may ask for clarification if savings bank account is credited with more than 10 lacs in a financial year.
So is it better to take current account if transactions were more as deposit limit for current account is 50 lacs.
Can an individual open current account ? If so, are there any tax related implications ?
2. How to show money received from parents/siblings as exempt income in ITR ?
kindly clarify.
1. Yes, u can open current account but in this account u will get zero interest, minimum balance on higher side and like more ask in detail from the bank
2. Money recived from relatives is gift and same is tax free and there is no need to show any where...but make a gift deed on stamp paper but still if u want to show in itr than choose Exempted income and select any other
@@vpstca Thank you sir
Kabhi bhi file krr skte h kya itr??
By 31 Dec 2023 tak belated ITR file kar lo for FY 2022-23
Sir abi itr file ki toh Paisa kitne din Mai ayega
Yr please koi rummy ma tds ka help krdo 3747 rs he mera tds
Hi sir rummy culture ka tds all refund hoga kya sir
Nahi
14L winning bro.. Tds 4L
No chance of refund a single rupee
@@vpstca my another client winning 69 laks.. Tds 20 laks..any chance refund
@@ENTERTAINMENTCRI no the reason is tds u/s 194B is 30% and tax while filing itr is also 30% u/s 115bb so no chance of refund
so do we have to file itr or anything else related to tax if we have won in dream11? cause as per my knowledge dream11 files tds and gives certificate to govt on their own , so do we have to do anything or nothing ?@@vpstca
chance h mene liya h\@@ENTERTAINMENTCRI
Hello Sir april 2023 se Vision 11 me 12k amount tds kata hai.. Aur me 50k tak loss ho gaya hai.Hum itr file kab kar sakte hai.. Plzz reply.. Tda jab jama ho gaya hai toh kya phir bhi itr bharna padega... Ab toh hum loss me hai
You are in loss so file ITR and refund your TDS amount
Sir aapka contact kar sakte hein kya
share your no at vpstca@gmail.com