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of <h1>Section 115BB: 30% Tax on Lottery and Gambling Winnings, No Deductions Allowed, Excludes Online Games from April 2024.</h1> Section 115BB of the Income Tax Act mandates a 30% tax rate on income from winnings in lotteries, crossword puzzles, races, card games, and other forms of gambling, applicable to both residents and non-residents. This tax is in addition to normal tax rates on other income. No deductions or loss offsets are allowed under this section, and TDS is deducted at 30%. The basic exemption limit and Section 87A rebate do not apply. This section excludes online game winnings from April 1, 2024, onwards. Definitions for 'horse race' and 'online game' are specified in sections 74A and 115BBJ, respectively.
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