u/s 56(2)(ib) any winning from lotteries, crossword puzzles, race including horse races are chargable to tax as "income from other sources" now following points confuse me, please suggest me....
> why expenditure in respect of lotteries income, crossword puzzles income is not allowed deducation, however exp. in redspect of income from horse race is allowed as deducation.
> why winning from lotteries& crossword puzzlesis taxable @ 30% + surchage(as applicable) + education cess, however it is not in case of winning from horse race. :D
now u can also ask why there is income tax at all or why there are taxation laws.???????
simply govt. want to curbe or remove the crossword puzzles and lotteries ect from society.
CAclubindia
