winning in a draw
This query is : Resolved
03 July 2015
How income from winning in a draw is taxed
03 July 2015
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A 3% education cess is payable on the tax amount.
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