Lottery income
This query is : Resolved
pankaj shah
(Querist)
05 June 2014
winning from a lotteries by a person having the same as business activity .
In which head income should be taxable ? why ?
CMA Ramesh Krishnan
(Expert)
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
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