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
CMA Ramesh Krishnan
(Expert)
13 September 2010
Lottory income taxable at higher rate @ 30%
CMA Arif Farooqui
(Expert)
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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