https://www.taxtmi.com/forum/issue?id=120089 Income is taxable in the year received under the assessee's accounting method; with cash accounting and receipt credited in June 2025, the amount is taxable in FY 2025-26. If characterised as winnings, it is Income From Other Sources and taxed at a flat special rate with surcharge and cess, and no deductions are allowed; TDS is typically deductible by the payer and creditable against tax liability. If the payment is a capital grant for establishing a business it may be non taxable as a capital receipt, but if it is revenue support it will be business income taxed at normal rates with allowable deductions. en-us Wed, 04 Jun 2025 14:47:35 +0530 Fri, 06 Jun 2025 20:33:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120089 Income is taxable in the year received under the assessee's accounting method; with cash accounting and receipt credited in June 2025, the amount is taxable in FY 2025-26. If characterised as winnings, it is Income From Other Sources and taxed at a flat special rate with surcharge and cess, and no deductions are allowed; TDS is typically deductible by the payer and creditable against tax liability. If the payment is a capital grant for establishing a business it may be non taxable as a capital receipt, but if it is revenue support it will be business income taxed at normal rates with allowable deductions. Discussion-Forum Indian Laws Wed, 04 Jun 2025 14:47:35 +0530 https://www.taxtmi.com/forum/issue?id=120089