Complete Guide to Income from Other Sources Under Indian Tax Laws

Complete Guide to Income from Other Sources Under Indian Tax Laws winning from lottery is taxable under which head of income It's also important to note that just like income tax, prize money must be claimed on your tax return, and winnings must be noted on IRS Form 1099-MISC the year winning lottery ticket sold income is taxable under this head 2 Income from Other Sources includes : Dividends; Income from winning from lottery, crossword puzzles, races

winning lottery ticket sold Since he falls under the old tax regime, he first needs to calculate his taxable income After making the eligible deductions, his taxable income works out to

winning in poker Any income that is not covered in the other remaining four heads of income is taxed under income from other sources It is referred to as residuary head of Under Section 194B of the Income Tax Act, TDS will be deducted when the income is earned from the winning lotteries, card games, quiz shows, card games,