Which ITR form is needed for show income from prize money from foreign country during 2018-19
2 Replies
kajol
(Executive)
(201 Points)
Replied 08 July 2019
Prize money is taxed as ordinary income. Generally, the federal government taxes prizes, awards, raffle and lottery winnings, and other similar types of income as ordinary income, no matter the amount. This is true even if you did not make any effort to enter in to the running for the prize
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