Director Of State Lotteries vs Assistant Commissioner Of Income-Tax
Director Of State Lotteries vs Assistant Commissioner Of Income-Tax
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The money received is taxable under the heading “Income from Other Sources Section 194B of the Indian Income Tax Act, 1961 deals with the TDS
Lottery winnings in India are taxed under a flat tax rate under Section 194B of the Income Tax Act, specifying 30% tax rate plus applicable cess Income from lottery is taxed under the head income from other sources Flat 30% tax on 1cr equals 30 lacs then there's surchage at the rate 5%
kentucky lottery powerball Income from Other Sources · Dividends · Winnings · Interest received · Incomes not declared under the head Profits and Gains of Business or Profession · Gifts Winnings from such sources fall under the head 'Income from other sources' For example, person A has won prize money at a quiz show Rs 10