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Jackpot

By Pocket Jacks | 31-Jan-2017
Hey Guys..

Can someone tell me what was the jackpot amount paid for yesterday's hyderabad racecard in mysore.. Tried checking the mysore race club website, hopeless to say the least.. In btc website it shows in excess of 6 figures which is quite surprising considering not many huge upsets occur, this was my second attempt so i dont have much idea abt it.. Can someone please tell me how can i save tax on the ticket if its in excess of 10k..
Thank u in advance
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3 Replies

Raghavan said ...

01-Feb-2017
What ksmrow has mentioned is right. There was combined betting between BNG/MYS and only a single ticket passed.

@Mad max:

Right. Good that you have won jp. But, do not be too rigid about not mentioning the winnings in your IT returns. At present environment, any kind of suppressing the facts, even if that does not lower the Government revenue may put you in much inconvenience sometimes later. Just a caution. If you are so hard pressed for time, then do not see 1500/2000. Just see an auditor and request him to file the tax returns on your behalf.

Another small point. You had 3 runners. You should have instead purchased 3 separate tickets. First four legs common. Last one, as per your choice, one in a ticket. Your tds would have been around 1900 less.

Ksmrow said ...

31-Jan-2017
| JACKPOT 1 RUNNER 3 17902 0
--------------------------------------------------------------------------------------------------------
| JACKPOT 1 WINNER 1 125318 0

Mad Max said ...

31-Jan-2017
@ Pocket Jacks

Jackpot Details at Hyderabad on 29/01/2017
www.hydraces.com/hrc-results-new.php?dt=MjAxNy0wMS0yOQ==

Jackpot Details at BTC/MyRC on 29/01/2017
https://www.bangaloreraces.com/IVB_HTMLFiles.aspx?ivbyr=2017&ivbfl=IVB2625-1-29.htm&ivbdt=01/29/2017

Jackpot Details at Hyderabad on 30/01/2017
www.hydraces.com/hrc-results-new.php?dt=MjAxNy0wMS0zMA==

Jackpot Details at BTC/MyRC on 30/01/2017
https://www.bangaloreraces.com/IVB_HTMLFiles.aspx?ivbyr=2017&ivbfl=IVB2626-1-30.htm&ivbdt=01/30/2017

On 29th Jan (Hyderabad Races) I have got the Jackpot at BTC.
Total Investment 480. Total tickets in the last leg: 3

70% Rs 43,232
30% 3 Tickets: Rs 3270 each
Gross Jackpot: Rs 53,042

Note: BTC considered my investment as only 30 (3 tickets in the last leg) whereas my gross investment was 480 in the same ticket.

They deducted Rs 30 from 53,042, Net Amount before TDS: Rs 53,012
TDS @ 30% deducted: 15,904 (15,903.60 Rounded up)
Balance amount Payable to me: Rs 37,138/-

BTC have not allowed the usual Exemption of Rs 10000/- on Gross Income.
Since the amount is above Rs. 20,000/- they will pay me by cheque after 3-4 days.

If this Jackpot I got at RWITC, the deductions should have been as follows:

Gross Amount: 53,042
Less: Investment: 480
Less: Exemption: 10000
Net Amount applicable to TDS: 42,562 X 30% = 12,768.60
TDS Rounded Up: 12,769/-
Balance amount to be received: Rs 40,273
My LOSS: RWITC 40,273 - 37,138 BTC difference.

Rs. 3,135/-
Now people say I will get this refund if I file IT returns. Somehow I cannot show this in my IT returns, so it is my loss.

BTC has deducted 30% from the Tax Exempted amount of Rs 10000 that is illegal. They cannot deduct TDS on this amount.

BTC has not considered my gross investment 480. They considered only 30 as my investment. So they deducted 30% from 450 also, i.e. 135/-

Now the question is who is going to fight with BTC and IT Bangalore Circle. I have no time. So I am going to loss this amount, like many many others.