TAX ON POKER/Gambling WINNINGS
This query is : Resolved
21 February 2020
Hello
A person has invested Rs 14,00,000 in poker and Received Rs 14,50,000. TDS was deducted on full amount of Rs 14,50,000. When ITR will be filed his income is 1450000 (Full amount received) or 50000 (Net Income) ??.
Under which head this Income should be shown. Which ITR Form will be filed?
Please Reply
Thank You
A person has invested Rs 14,00,000 in poker and Received Rs 14,50,000. TDS was deducted on full amount of Rs 14,50,000. When ITR will be filed his income is 1450000 (Full amount received) or 50000 (Net Income) ??.
Under which head this Income should be shown. Which ITR Form will be filed?
Please Reply
Thank You
25 May 2020
Income Tax is all about the Income Earned. You need to show only Rs. 50K as Income and pay tax accordingly
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