https://www.taxtmi.com/article/detailed?id=12126 Casual income is an irregular one time receipt taxable under Income from Other Sources; expenses to earn it are not deductible and losses cannot be set off. Winnings from lotteries, games and similar events are typical examples and are taxed at a flat rate with cess, while payors must deduct tax at source on specified prizes and value in kind awards for tax purposes. Receipts reflecting skill or constituting business activity are not treated as casual income and are taxed under the appropriate heads. en-us Thu, 14 Dec 2023 08:33:17 +0530 Thu, 14 Dec 2023 08:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12126 Casual income is an irregular one time receipt taxable under Income from Other Sources; expenses to earn it are not deductible and losses cannot be set off. Winnings from lotteries, games and similar events are typical examples and are taxed at a flat rate with cess, while payors must deduct tax at source on specified prizes and value in kind awards for tax purposes. Receipts reflecting skill or constituting business activity are not treated as casual income and are taxed under the appropriate heads. Articles Income Tax Thu, 14 Dec 2023 08:33:17 +0530 https://www.taxtmi.com/article/detailed?id=12126