if I won lottery rs 1 cr what will be my tax liability.
please explain detail.
Won lottery
Nitin Patil (33 Points)
22 November 2017
Nitin Patil (33 Points)
22 November 2017if I won lottery rs 1 cr what will be my tax liability.
please explain detail.
MANAS
(PRACTICE)
(50 Points)
Replied 22 November 2017
It will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30% which after adding cess will amount to 30.9%
since value is more than 10000 then you''ll get the amount after deduction of 30.9% as tds u/s 194B
Suresh Pai S
(Tax Consultant)
(1029 Points)
Replied 22 November 2017
There is no cess for TDS now I think.
Akhilesh Rajput
(43 Points)
Replied 22 November 2017
Rahul Chhabadia
(168 Points)
Replied 22 November 2017
Akhilesh Rajput
(43 Points)
Replied 22 November 2017
Akhilesh Rajput
(43 Points)
Replied 22 November 2017
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