Tax deduction on lottery commissions reduced to a lower withholding rate, changing deduction at payment or credit effective October. The amendment reduces the withholding rate for commissions, remuneration and prizes on sale, stocking, distribution or purchase of lottery tickets from five per cent to two per cent, and requires the payer to deduct tax at source at the time of payment or at the time of credit of such income; the new rate takes effect from 1st October, 2024.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction on lottery commissions reduced to a lower withholding rate, changing deduction at payment or credit effective October.
The amendment reduces the withholding rate for commissions, remuneration and prizes on sale, stocking, distribution or purchase of lottery tickets from five per cent to two per cent, and requires the payer to deduct tax at source at the time of payment or at the time of credit of such income; the new rate takes effect from 1st October, 2024.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
