Various web-sites, national and international, now allow playing games, such as Poker, Rummy, etc. These web-sites also allow remittance of winnings in any country. However, betting is not legally permitted in India. If someone, does receive funds from these sites on account of winning, how are such funds going to be taxed ?
Mr. Ashok,
Income tax does not seprate tax legel or illegel income, it taxes only income irrespective whether legel or illegel. such income is like casual income hence should be taxed accodingly.
Income from other sources
Such Income doesnt fall in..
HP INcome
Salary Income
Business Income
Or in Capital Gains...
It should be taxed under Income from other sources. @ 30 percent rate..
CAclubindia
