if I won lottery rs 1 cr what will be my tax liability.
please explain detail.
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Won lottery
Replies (9)
It will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30% which after adding cess will amount to 30.9%
since value is more than 10000 then you''ll get the amount after deduction of 30.9% as tds u/s 194B
cess how much
There is no cess for TDS now I think.
that is higher education cess 2% and secondry education cess1% so 30+ 3%(30)=30.9% tax
Agree with MANAS sir opinon.
Lottery winning comes under casual income under and under section 194 B flat 30% TDS is deducted from it and cess too will be applicable
bt there is flat 30% tax rate of tds from winning lottery u/s194b..... so u vl get 70lac frm 1cr the rest 30lac will be deposited by the payer to govt.
no cess vl applicabl rahul chhabadia
whn net tax payabl z computd then cess vl applicabl
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