INCOME TAX SCENARIO :
1). TDS u/s 194BB of the Income Tax Act 1961 @ 30% is levied if the Winning Amount is Rs. 10,000 or more.
2). Now the Assessee has to declare this Income in his ITR under the head "INCOME FROM OTHER SOURCES" and the same is taxable @ 30% u/s 115BB without any basic exemption limit and Chapter VI A.
GST SCENARIO :
Lottery, Betting and Gambling is treated as a "SUPPLY u/s 7 of the CGST Act 2017". Now the GST Rate on Betting is 28%.
I'm I right ????
Kindly confirm Experts ASAP...
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HORSE RACE BETTING...
Replies (3)
Yes you are absolutely right from both Income Tax and GST perspective.
Again, if the horse comes in first or second, you will not win any more money than if the horse finishes third. This is the safest of the straight bets but also offers the smallest return. If you are confident the horse will finish better than third, you would have a larger return placing a Win or Place bet.
Yeah, I know, right? It gets so annoying and frustrating when the IRS cuts so much of my winnings. But one thing that I've learned is that all gambling winnings must be reported on the tax return as an income. Trust me, the consequences of being a tax cheat are much worse than actually paying the taxes. By the way, may I ask where do you place bets? I'm into live casinos lately, and I find it much easier and safer to bet online.
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