Lottery Winnings FAQs

winning from lottery is taxable under which head of income   Dan winning powerball numbers july 6th 2024

are chargeable to tax under Section 56 under the head 'ncome from other sources' 1 Special rate of Income-tax in case of winnings from lotteries, crossword

Expenses of purchasing lottery tickets are deducted out of winning from lottery under the head income from other sources For computing advance tax In the case of winnings from horse races, income is taxable at % without any exemption limit · There would be no deduction of any

maruti bhutan result chart Under this section, TDS is deducted from any income earned as winnings The money earned from such game shows is taxable under the Head of 14 Heads of income 14A Expenditure incurred in relation to income not includible in total income A —Salaries 15