Lottery income
This query is : Resolved
05 June 2014
winning from a lotteries by a person having the same as business activity .
In which head income should be taxable ? why ?
05 June 2014
Winning from lottery is an casual income and taxed accordingly as other sources. It cannot be business income since the business definition under income tax not covered the lottery winning as business
05 June 2014
winning from lotteries should be shown under the head 'Income from other sources'since it is not recurring in nature
06 June 2014
It should be taxed as winning from lotteries taxed at a special rate of 30%.
Guest
Guest
(Expert)
06 June 2014
special rate 30 % and will be under the head other source only dear as winning from lottery
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- Presumptive income under Income tax act 2025
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
