Income from Sec194b Winnig from Lottery, Game F.Y. 2020-21 Rs. 1CR TDS deductions Rs 30 Lacs .
Query
1 . Income Tax Return Form Applicable?
2. Require Audit by CA.
3. If any other pls advice.
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Income From Sec 194b
Replies (5)
Quick Summary
ITR 2 should be filed.
Not required audit.
TDS should be shown accordingly as per section 194B
Not required audit.
TDS should be shown accordingly as per section 194B
Which Type of Expenditure related to Income is allowed.
No deduction for any expenditure or allowance is allowed for the computation of the income tax on the revenue generated by winnings from crossword puzzles, lotteries, races including horse races, card games & other games of any sort or from betting /gambling of any form or nature, whatsoever.
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