Ashok Monga (Adviser) (161 Points)
10 August 2013Various 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 ?
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)
(33262 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..
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
