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
CAclubindia
