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What will be the tax on winning amount in India? |
What will be the tax on winning amount in India? You have not mentioned what kind of winning amount it is? I mean the nature of "Winning". In any case, general rate of taxation for winning, as per section 115BB(i) is 30% [plus] SC @ 10%, if applicable [plus] education cess @ 2%. If SC applicable - 33.66% if SC not applicable - 30.6% Please note, no basic exemption of Rs. 1 Lac is available here. So even if you have only lottery income of 1 Lac, tax is still payable. 33.33%+education cess 33.33%+education cess Income from winnings will add up to your other incomes for that year. The tax rate will be on your net taxable income for that year. There are different tax rates for different slabs. They also depend on your gender and age. In general if your taxable income is above 2.5 L, you will be paying 33.33 . Any income over 10L attracts additional 2% surcharge ! http://www.incometaxindia.gov.in/... http://www.ezytaxes.com |
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