Tds on casual income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2014 What are the monetary limit for deducting tds
on following income

a) Lottery Rs 10,000
b) Horse Race Rs 5,000
c) Betting Gambling, card games , entertainment programme, crossword puzzles

d) What the treatment of income from any other race/ tax rates/which head of income

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 July 2014 a) Lottery - Section 194B - TDS @ 30% if the amount exceeds Rs. 10,000
b)Horse Race - Section 194BB - TDS if the amount exceeds Rs. 5,000
c) Betting, etc - Section 194B - TDS @ 30% if the amount exceeds Rs. 10,000
d) Such income shall be taxable under the head Income from Other Sources.

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2014 yesterday one expert said its 5000 for c category of income
what should i do

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 July 2014 Section 194BB is applicable only to horse races. It is NOT applicable to other games, betting etc.

Section 194B is applicable to other games, betting etc. under which the monetary limit is Rs. 10,000/-

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