Pay tax and file returns for my sports betting income - TDS not deducted

Hi,

You can pay the taxes through online portal through 280 challan.

We may help you in filing return.

To pay taxes online, login to http://www.tin- nsdl.com > Services > e-payment : Pay Taxes Online

- Income from sports betting will be chargeable at maximum marginal rate of 30%. You can pay taxes through TIN-NSDL website.

Hello,

Your income from sports betting would be taxable under Income from Other Sources and taxable at a flat rate of 30% plus cess. No deduction u/s sec 80C or 80D or any other deduction/allowance is allowed from such income. The entire amount received will be taxable at the flat rate.

You can the tax liability online through TIN-NSDL site.

For return filing, it would be advisable to take the help of a practicing Chartered Accountant. You can contact us for return filing.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

Since this income is from betting you need to pay tax on same @30% and you wont get any deduction from same.

You can pay tax using challan no 280 on TIN NSDL website.

If you need any assistance feel free to contact me.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi

You need to file ITR and show this income as income from other sources. 

You may make the payment through tin-nsdl website and mention the details of this self assessment tax in ITR.

We may assist you with the filing.