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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
As per provisions of section 194G, any person who is responsible for paying, on or after the 1st day of October, 1991 to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding fifteen thousand rupees shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax thereon at the rate of 5%.
2. It is proposed that TDS under section 194G of the Act be reduced from 5% to 2%.
3. The amendment will take effect from 1st day of October 2024.
[Clause 56]
Full Text:
TDS on lottery commissions reduced under section 194G, easing withholding obligations for payers from October onward. Payers of commission, remuneration or prizes on sale or distribution of lottery tickets must deduct tax at source at the statutory withholding rate at the time of credit or payment, whichever is earlier. The Finance Bill amendment (Clause 56) lowers that withholding rate, with the reduction effective from the commencement date specified in the Bill. of Press 'Enter' after typing page number.
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