I've won a contest held by a US based comapny. I'm Indian citizen.
My quesation is:
- How much income tax is applicable on the money?
- Does this money comes under Lottery system where flat 30% is applicable?
My CA says that the company is based out of India so there are no taxes to be paid except Income Tax under slab system. Is this right?
Contest details:
I made a free computer software, I own the IPs of the software, submitted to the company, more people also submitted from various countries, I was chosen for the prize by the judges.
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Pls guide me...
Replies (3)
Income arose in India?.....whether you made Software in India?.....if yes then income is arose in India and Taxable in India at a flat rate of 30%.
kindly help me
Did you receive the money in India or in US? If you directly received it in India, it is taxable under lottery and taxable @ 30%. Also, income deemed to has arosen in India as software made in India. It is taxable anyhow @ 30%.
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