Tax deduction on gaming winnings applies above the single-transaction threshold, with pre-payment safeguards for winnings paid in kind. Section 393(3), Serial No. 1, requires tax deduction at source on lottery, crossword puzzle, card game, gambling and betting winnings, excluding ... Summary
Tax deduction on gaming winnings applies above the single-transaction threshold, with pre-payment safeguards for winnings paid in kind.
Section 393(3), Serial No. 1, requires tax deduction at source on lottery, crossword puzzle, card game, gambling and betting winnings, excluding online-game winnings. Any person responsible for payment must deduct tax at rates in force where winnings from a single transaction exceed Rs.10,000. For winnings wholly in kind, or partly in cash and kind where cash is inadequate to meet the tax liability, tax must be paid before the winnings are released.
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