TDS and Income Tax rates on winnings from Lottery and Game Shows
TDS and Income Tax rates on winnings from Lottery and Game Shows
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In this video we have discussed special taxation under income tax in case of Lottery or Game
DEPARTMENT OF REVENUE LOK SABHA UN Differential tax rates for lottery run by State Governments and lottery authorized by State The Individual should disclose such income , winnings from online gameslotteries etc under Schedule OS of the ITR form under part 2
dear lottery weekly result As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or