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Basic exemption limit is applicable to sec115bb

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Darshan Vardia

2 Points Posted on 15 February 2023

basic exemption limit is applicable to sec115bb

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Quick Summary

The basic exemption limit does not apply to income taxable under Section 115BB, which covers winnings from lotteries, crossword puzzles, card games, or other games of chance. These winnings are subject to a flat tax rate of 30%. Typically, the payer deducts tax at source (TDS) before disbursing the prize money, meaning you'll receive the net amount after tax.

Komal Barapatre

210 Points Posted on 15 February 2023

Not applicable

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212441 Points Posted on 15 February 2023

No.

Such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.