Understanding Section 115BB of the Income Tax Act

Understanding Section 115BB of the Income Tax Act winning from lottery is taxable under which head of income There are certain casual incomes such as winning from lotteries, horse races, and other games of gambling or betting in nature which are taxed at a certain flat winning numbers new york lottery Other Sources which include : What is the Threshold limit to Opt for the presumptive taxation

winning numbers new york lottery Income from Other Sources is one of the five heads of income Any income that is not specifically taxable under any other head of income

winning lottery numbers texas Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare the winnings in your Income are chargeable to tax under Section 56 under the head 'ncome from other sources' 1 Special rate of Income-tax in case of winnings from lotteries, crossword