what will be income tax on winning lottary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2010
Would you let me know wht will be the income tax on lottary amount
13 September 2010
Lottory income taxable at higher rate @ 30%
14 September 2010
30% plus 3 % education cess. lottery company would give prize money only after deduction TDS at above said rate and TDS is applicable only if prize is more than Rs 5000.
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