New Delhi:It may have often been heard in various newspapers, some have won rs 1 crore in a lottery. Do you know how much money is available by cutting a tax on a prize of one crore rupees in its tongue!
It may have often been heard in various newspapers, some have won rs 1 crore in a lottery. Do you know how much money is available by cutting a tax on a prize of one crore rupees in its tongue!
The income tax law came into force in 1961. Even if you get money in the lottery, the government has to pay the tax. The amount of money is not less.
The income tax law came into force in 1961. Even if you get money in the lottery, the government has to pay the tax. The amount of money is not less.
Taxes have to be paid under Section 194B of 1961. TDS is deducted before paying the winner. 30% TDS is deducted on a reward money of more than 10 thousand rupees. TDS can reach up to 31.2% after adding additional summaries and cesses.
Tax has to be paid under Section 194B of 1961. TDS is deducted before the winner is paid. 30% TDS is deducted on prize money of more than Rs 10,000. TDS can be up to 31.2% after adding additional surcharge and cess.
It is mandatory to pay this tax after receiving the prize on the lottery ticket. In this case, many people take the help of a tax consultant.
It is mandatory to pay this tax after receiving the prize on the lottery ticket. In this case, many people take the help of a tax consultant.
A few days ago, a lorry driver won Rs 1.5 crore in Dream XI. He won this huge prize by arranging the team for just Rs 49.
A few days ago, a lorry driver won Rs 1.5 crore in Dream XI. He won this huge prize by arranging the team for just Rs 49.
