Tax on winnings from lotteries, Card games , Horse races

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The Indian Income Tax Act, 1961, has a number of provisions to handle the taxation of diverse forms of income Sections 115BBE and 115BB are

income, and after setting off such losses, and the betting income was brought to tax by the assessee at the flat rate of 40% as prescribed us 115BB of the Act  Bare Act · participation in India in any game or sport; or · advertisement; or

all yono app download Tax Rate on Lottery Winnings: Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act  Why Taxation Of Virtual Assets Doesn't Make Them Legal Casual income is taxed under section 115BB of the Income Tax Act, under the head “