Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Law and Procedure an e-book

Home List Manuals Income TaxIncome Tax - Frequently Asked Questions (FAQs)General FAQs This

Income Tax - Frequently Asked Questions (FAQs)

General FAQs

If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?

  • Contents

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.

 

Quick Updates:Latest Updates