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Winnings from MPL Taxation
can anyone tell if winnings from such app is taxed on profit received on winnings or on net profit of all such winnings and losses ?
Replies (2)
The Tax will be levied on profit receiced on winnings as a speculative business income and will attract set off of speculation losses. so net profit of all will be charged
Winning from mpl or any fantasy game will be taxed
if you win from the single contest more than 10000 rs then mpl itself deducut tds at flat 30% with cess and surcharge and show it in 26as and rest amount deposit in your account
and if the whole total amount in the financial year cross the exemption limit you have to pay tax @ 30 %
again if you incurred by any chance loss then it will not setoff with any other income or business
it's always shown as income from other sources
if you win from the single contest more than 10000 rs then mpl itself deducut tds at flat 30% with cess and surcharge and show it in 26as and rest amount deposit in your account
and if the whole total amount in the financial year cross the exemption limit you have to pay tax @ 30 %
again if you incurred by any chance loss then it will not setoff with any other income or business
it's always shown as income from other sources
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