Tax on winning lottery, puzzle, card game, horse race
Tax on winning lottery, puzzle, card game, horse race
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Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,
Income from SalaryPension, one House Property, Agricultural Income (up to winnings from lottery;; activity of owning and maintaining race horses Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,
kerala lottery result 4 3 2024 Income Taxes · Computation of Taxable Income 74 §74Prizes and Awards §74 IRC § 61—Inclusion of state lottery and other gambling winnings in income The taxation of winnings is covered under Section 115BB of the Income Tax Act Who is responsible to deduct TDS under section 194B and When
