06 October 2013
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS).
A Three per cent education cess is payable on the tax amount. While filing your income tax return you must include prize money under ‘income from other sources’ and, you must submit the TDS certificate as proof that you have paid all the tax due against the prize money.
06 October 2013
Casual income as defined in the Income Tax Act, means Income earned from - Winning from lotteries, Winning from races, Winning from crossword and puzzles, Winning from card games and other games of any sort & Winning from Gambling or betting of any type or nature....
CAclubindia
