Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« From the Courts »
Open DEMAT Account in 24 hrs
 Karnataka High Court restrains Bengaluru-based Institute of Chartered Tax Practitioners India from enrolling candidates for its courses
 Attachment on Cash Credit of Assessee under GST Act: Delhi HC directs Bank to Comply Instructions to Vacate
 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court
 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court

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 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting