TaxTMI 
TaxTMI 
In case of Tax Computation of Women, if her total income is Rs.230000/- out of which Rs.100000/- is against Income from Horse Race, whether tax will be calculated after considering the basic exemption limit of Rs.180000/- or at flat rate of 30% on Income from Horse Race and balance as per basic exemption slab?
Applicability of tax
27 Oct 2009 
4 Replies 
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Taxation of horse race winnings: taxed at flat rate without basic exemption; other income taxed under normal slabs.
Winnings from horse races are subject to a special flat rate of tax and are not eligible for the basic exemption; such winnings are taxed separately at the specified flat rate while the taxpayer's other income is assessed under ordinary tax slabs. (AI Summary)
Winnings from horse races are subject to a special flat rate of tax and are not eligible for the basic exemption; such winnings are taxed separately at the specified flat rate while the taxpayer's other income is assessed under ordinary tax slabs. (AI Summary)