Income from other sources - winnings from sports betting
This query is : Resolved
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?
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?
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.
Answer will be same as above irrespective of the amount involved.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Unregistered suppliers utility
- NRI starting business in India
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST not cancelled by tenant
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Resigning a auditor from the company for misconduct
- Bank details not Visible on Traces Portal
- Taxable or Tax exempt
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
