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| *Ostroff, Fair and Company>>>India Taxes |
How much i should income tax wen i earn 1 crore in one year through foreign currency by lottery prize? |
How much i should income tax wen i earn 1 crore in one year through foreign currency by lottery prize? I fully agree with raj_batra81. Let me add something to that as well. Any Income tax legistation in the world is based on one basc factor and that is your residency status. Remember NRI? So if you are Oridinary Resident of India, then your global Income is taxable. I repeat GLOBAL income. BUT if you have paid any tax in the country of origin of Income (I mean other than India) like TDS in foreign country, then you may claim certain rebates for taxes paid under section 91. CA. Deepak Bholusaria NOTHING 0% if that is the only source of your income then with the help of a good c.a. you can pay up to 40 lacs or a bit more. tax rate on winning from lottery,crossword puzzels is flat @ 30% of income.as ur income exceeds from rs. 10 lacs so 10% surcharge will be applicable on total tax plus 2% educational cess on tax+surcharge.so total tax 30%+10% + 2% = 33.66% . Total tax on Rs. 1crore = 3366000 n u will not get any rebate or deduction on this income. |
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