Lottery ticket trade payments require tax deduction at credit or payment when commission, remuneration or prize exceeds the threshold. Tax deduction at source applies to commission, remuneration or prize paid in connection with stocking, distributing, purchasing or selling lottery ... Summary
Lottery ticket trade payments require tax deduction at credit or payment when commission, remuneration or prize exceeds the threshold.
Tax deduction at source applies to commission, remuneration or prize paid in connection with stocking, distributing, purchasing or selling lottery tickets. The person responsible for payment must deduct tax at 2% where payment exceeds Rs.20,000. It applies to lottery-ticket trade payments, not lottery winnings. Deduction is required at the earlier of credit to the payee's account or actual payment by any mode.
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