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Income from other sources - winnings from sports betting

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This query is : Resolved

Vineeth Alex (Querist)

17 October 2011 Assessee, an Indian resident received $ 100 from an online sports betting site during F.Y. 2011-12. The tax to be deducted by the party receiving the income. Here, whether the assessee has to deduct tax on the income received Rs. 4,700($1 = 47) since the income received after conversion is less than the exemption limit? If yes, what Form is to be made for deducting tax at source?

In other case, if assessee receives $ 1,000 he has to definitely deduct tax at source as income received after conversion Rs. 47,000 ($1 =47) exceeds the exemption limit. What Form is to be made for deducting tax at source?

CA. Ashish Bihani

CA. Ashish Bihani (Expert)

18 October 2011 Tax has to be deducted by the party making payment. If the same is not deducted, you may make the payment of tax now.

Answer will be same as above irrespective of the amount involved.

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