HELLO FRIEND PLEASE EXPLAIN SECTION 194B WITH EXAMPLE
3 Replies
Nitin Grover
(CS)
(1228 Points)
Replied 04 March 2009
hello
sec -194B is used fordeducting TDS on income from wilnning lotteries including Card Games
it menas that the person has won the amont exceding Rs.5000/- then the Tax must be deducted on the amount exceding Rs5000/- because Rs5000/- is exempt u/s 10(3)
for example
if i buys Ticket of lotteries of rs 1000 & i won rs 80000
then total price money 80000/-
less: Cost of purchase Not Allowed
Less other Deductions
<a> Deduction U/s 10(3) 5000/-
remaining 75000/- are taxable as per flat rate 30% + 10%surcharge(if applicabe) + (2+1)% Cess on TAX & Surcharge
thanks
sreekanth.ca
(CA Job)
(39 Points)
Replied 28 November 2013
You can Find all the Information on Section 194B - TDS deduction on Winning from Lotteries, crossword Puzzles or Any Game of this Sort in the Below Links
You can Also Check The Section 194B On Link https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-194B
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