What is the total TDS if the lottery winning is 2 crores in india?. If that is purchased by a person and of course it is shared by 5 people will the TDS will also change?
2 Replies
rama krishnan
(12239 Points)
Replied 23 November 2019
Unless there's express proof that lottery winning amount belongs to 5 person there won't be change in TDS amount.
as of now, TDS rate for lottery winning is 30% plus 4% cess on tax
as of now, TDS rate for lottery winning is 30% plus 4% cess on tax
Kapadia Pravin
(17259 Points)
Replied 23 November 2019
TDS is deducted @ 31.2% on lottery winning under 194B . That means TDS will be on 2 lakhs.
Whether Lottery winning multiple names claim is allowed or not , pl confirm with lottery ticket distributor and follow that process if it is allowed.
Mostly it may not be allowed.
But no harm in trying.
Whether Lottery winning multiple names claim is allowed or not , pl confirm with lottery ticket distributor and follow that process if it is allowed.
Mostly it may not be allowed.
But no harm in trying.
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
