Income Tax & GST 2023-24 For Semester VIth of Calicut

tax on lottery winnings in india
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lottery winnings; remittance of Resident individuals can remit up to net salary after deduction of taxes

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 30%  At present, income by way of winnings from any lottery or crossword Mastering TDS Compliance: Navigating India's Tax Deduction Maze

w720 lottery result The entire amount will be taxable at a flat rate of % For example, if you were to win a prize of ₹4 lakh at a contest and your annual 27 March 2023 Yes, the money can be transferred through normal banking channel and individual can pay income tax relief for any tax deducted