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Income Tax - Frequently Asked Questions (FAQs) |
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General FAQs |
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If I win a lottery or prize money in a competition, am I required to pay Income-tax on it? |
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Ans. Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount. |
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