Home |Tax returns filing | If I receives a huge sum(in lakhs) through KSFE auction or price money, Where should I put this amount during income tax filing. Is this considered as an income? Am I liable for any tax even when I come under basic exemption limit?

If I receives a huge sum(in lakhs) through KSFE auction or price money, Where should I put this amount during income tax filing. Is this considered as an income? Am I liable for any tax even when I come under basic exemption limit?

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KSFE, Government of Kerala verified
Answered on October 04,2023

It depends how you utilize the prize money. If you are a tax payee and if you are depositing the chitty prize money as fixed deposit in the branch itself. Tax will be deducted @ 10% and can submit during IT return filing.  Interest given is considered as income. If you are not a tax payee  submit 15G/15H for not deducting TDS from FD. Please seek advice  of your, tax consultant.

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KSFE Pravasi Chitty is a unique financial savings scheme introduced for the welfare of Malayalees living outside Kerala. It also gives NRK's, an opportunity to partake in the overall infras..
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