Various web-sites, national and international, now allow playing games, such as Poker, Rummy, etc. These web-sites also allow remittance of winnings in any country. However, betting is not legally permitted in India. If someone, does receive funds from these sites on account of winning, how are such funds going to be taxed ?
3 Replies
Preetam Sharma
(CA FINAL)
(39 Points)
Replied 10 August 2013
Mr. Ashok,
Income tax does not seprate tax legel or illegel income, it taxes only income irrespective whether legel or illegel. such income is like casual income hence should be taxed accodingly.
CA Pallav Singhania
(IT System Auditor)
(33362 Points)
Replied 11 August 2013
Such Income doesnt fall in..
HP INcome
Salary Income
Business Income
Or in Capital Gains...
It should be taxed under Income from other sources. @ 30 percent rate..
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
