Tax on winnings from lotteries, Card games , Horse races

Tax on winnings from lotteries, Card games , Horse races 115bb of income tax act Current income tax laws mandate that these winnings are taxed according to the income tax slab applicable to the income of the individual president institute of computer application As per Section 115BB, a flat tax rate of 30% is applicable on income arising by way of winnings from any:

president institute of computer application Section 115BAC of the Income Tax Act Editorial Team - Oct 31

ravindra kulkarni actor Section 194B of the Income Tax Act, 1961 is also set-out hereunder:“194B 115BB of the IT Act of the IT Act provides for deduction of tax 115BB Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not