Special-rate taxation on lottery and gambling winnings applies at 30%, with deductions, loss set-off, and rebate benefits excluded. Income from winnings by way of lottery, crossword puzzle, race including horse race, card games, gambling, or betting is taxed at a special rate of 30% on the winning component, with normal tax rates applying to the balance income. No deduction of expenditure, loss set-off, basic exemption threshold, or section 87A rebate is available, and tax is deducted at source at 30% under section 194B. The provision does not apply to winnings from any online game for assessment years beginning on or after 1 April 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.
Special-rate taxation on lottery and gambling winnings applies at 30%, with deductions, loss set-off, and rebate benefits excluded.
Income from winnings by way of lottery, crossword puzzle, race including horse race, card games, gambling, or betting is taxed at a special rate of 30% on the winning component, with normal tax rates applying to the balance income. No deduction of expenditure, loss set-off, basic exemption threshold, or section 87A rebate is available, and tax is deducted at source at 30% under section 194B. The provision does not apply to winnings from any online game for assessment years beginning on or after 1 April 2024.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
