• Lottery winning

Sir i wanted to ask that if i won 2 lotteries each worth rs 8000 so net amount is 16000 no tax wwas deducted but my friend won rs 20000 and 30.9 tax deducted at source. i read online that income tac 194 c say no tax deducted tor lottery less than 10000, but if cumulative amount of multiplevlottery is greater than 10000 do i have to pay tax
Asked 8 months ago in Capital Gains Tax from Noida, Uttar Pradesh

Yes. You have to pay tax on winning amount while filling your income tax return

Vidya Jain
CA, Kolkata
646 Answers
15 Consultations

4.8 on 5.0

It means the winning prize you got from lottery. It is taxable under income from other sources

Vidya Jain
CA, Kolkata
646 Answers
15 Consultations

4.8 on 5.0

Yes it is chargeable at 30.9%. you need to pay tax on it. Show it under the head income from other sources.

I may help you in ITR filing

Vivek Kumar Arora
CA, Delhi
1971 Answers
75 Consultations

5.0 on 5.0

yes you have to pay Tax if TDS is not deducted , add above winning Amount in your ITR and Pay tax accordingly.

Lalit Bansal
CA, Delhi
583 Answers
40 Consultations

5.0 on 5.0

Hi,

Yes, you will have to pay tax irrespective of the fact whether the TDS has been deducted or not.

Even if you earn 100 rs, you will have to pay tax on lottery winnings. You can show it under income from other sources.

Abhishek Dugar
CA, Mumbai
3576 Answers
166 Consultations

5.0 on 5.0

Hi,

Hope you are doing well !

Yes, you will have to pay tax on winning amount.

Please find below the relevant provision:

If you receive money from winning the lottery. It will be taxable under the head Income from other Sources. The income will be taxable at the flat rate of 30% which after adding cess will amount to 30.9%

No deduction u/s sec 80C or 80D or any other deduction/allowance is allowed from such income. The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. The entire amount received will be taxable at the flat rate of 30.9%.

Thanks & Regards,

Payal Chhajed

Payal Chhajed
CA, Mumbai
1458 Answers
11 Consultations

4.9 on 5.0

HI,

You have to pay tax @30.9% on any of such incomes irrespective of TDS provisions. If the TDS has not been done on your payments then you are responsible for paying taxes on your own. Please pay the tax amount online by using a self assessment tax challan or advance tax challan immediately to avoid interest levy.

For filing the self assessment tax challan, please follow the below procedure:

you need to make the tax payment online using the following link:

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

On visiting this link, please choose Challan 280 for making the tax payment. You will be directed to a page where you would be required to fill all your details ( Name, PAN, address etc.). Choose the following codes while completing the details

1. ( )(0021) Income Tax (Other than Companies)

( )(300) Self Assessment Tax

Fill all the basic details and post submission you will be directed to your net banking page of your bank account for making the tax payment.

Thanks

Damini

Damini Agarwal
CA, Bengaluru
270 Answers
15 Consultations

5.0 on 5.0

Hi,

You will need to disclose the lottery winnings under income from other sources and pay 30.9% tax on it. Hope that clarifies.

Regards,

Nikhil

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Yes, winning from lotteries are taxable under the head income from other sources. You will have to pay tax @30.90% even if TDS has not been deducted.

No expenses, deduction or benefit of slab rate is allowed against this Income.

Lakshita Bhandari
CA, Mumbai
2470 Answers
91 Consultations

5.0 on 5.0

Yes tax @30.9% to be deposited on lottery income. If TDS not deducted then include such amount while filling return as Income from other sources and pay self assessment tax.

Hope it helps.

Swati Agrawal
CA, Indore
848 Answers
2 Consultations

5.0 on 5.0

You are liable to pay 31.2% (30% + 4% cess) on lottery. No exemptions or slabs applicable. Flat tax.

Amit Kumar Narula
CA, Bangalore
59 Answers

5.0 on 5.0

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