Basic exemption limit is applicable to sec115bb
Darshan Vardia (2 Points)
15 February 2023
basic exemption limit is applicable to sec115bb
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193917 Points)
Replied 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.
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