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winning in a draw

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(Querist)
03 July 2015 How income from winning in a draw is taxed
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CA Neelam Maheshwari

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CA Neelam Maheshwari (Expert)
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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