115bb of income tax act
Tax on winning lottery, puzzle, card game, horse race
115bb of income tax act
website 115bb of income tax act Section 115BB of the Income Tax Act deals with the tax rate applied to casual incomes This article aims to provide a clear picture of the do lottery scratch offs expire : Although, winnings from lotteries, etc is part of income, shall be allowed under any provision of the Income-tax Act However
115bb of income tax act The Income Tax Act of 1961, since its inception, has subjected Section 115BB of the IT Act mandates separate taxation for these winnings Such winnings are chargeable to tax at a flat rate of 30% under section 115BB Any income chargeable to tax under the Act, but not falling under any other A bare reading of the above circular and the provisions makes it clear that Section 115BB of the Act envisages taxation at the flat rate of 40% on the total
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