Section 115BB of Income Tax Act for AY 2023-24

115bb   Dan 115bb

According to the Income Tax Act, any game winnings are considered income and are subject to tax at 30% under Section 115BB This includes

card games and other games of any sort or gambling or betting of any form or nature whatsoever - Section 115BB - Income Tax - Ready Reckoner Such winnings are chargeable to tax at a flat rate of 30% under section 115BB Conditions: a No expenditure or allowance can be allowed from such income b

sleutel afgebroken Tax on amount received from prize or lottery is payable under Section 115BB of the Income-tax Act Tax on winnings from lotteries, crossword puzzles, races 115BB — Held, Yes By C N Vaze, Shailesh Kamdar, Chartered Accountants Reading Time 4 mins fiogf49gjkf0d 23 114 ITD 638 ACIT v Raghunath B