Commissioner Of Income Tax vs Dr. M.A.M. Ramaswamy on 24 February,

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Gambling card game crossword

Income Tax on winnings from Lottery, Game Shows, Puzzle

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Gambling card game crossword racehorse online

Postby Tausho В» 30.10.2019

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What is the rate of Income Tax payable on winnings from any card games, lotteries or other gaming activities? As per Section BB of the Income Tax Act the current rate of Income Tax as on financial year on poker winnings or winnings from any such card games etc.

However there is education and higher education cess payable on the taxable amount and hence the total effective amount of tax payable is Choose from our most consulted lawyers across India and get instant legal advice.

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He holds experience in efficiently handling varied cases and often makes appearances across District Court Gadag-Betigeri. Read More. Top legal experts at Legistify answer hundreds of queries every day! As your question here and get free expert advice. Home About Contact. Home QnA Taxation and Duty. Income Tax Rate on winning card games What is the rate of Income Tax payable on winnings from any card games, lotteries or other gaming activities?

General Legal. Share Share Share Share. Team Legistify Sector-1, Noida. Was this answer helpful? Didn't find the answer you are looking for? Talk to experienced lawyer online and get your answered in minutes. Talk to an expert. Most Consulted Taxation and Duty Advocates Choose from our most consulted lawyers across India and get instant legal advice. View Lawyer Profile. Top Consulted Taxation and Duty Advocates Choose from our most consulted lawyers across India and get instant legal advice.

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Horse Race: A Card Game for Everyone, time: 2:59
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Re: gambling card game crossword racehorse online

Postby Shaktigis В» 30.10.2019

Cites 12 docs - [ View All ]. The order passed by the Tribunal, which affirmed the order of the Commissioner of Income Tax Appealsis liable to be set aside. As your question gamblinng and get free expert advice. Post Answer. Have a Legal Issue?

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Re: gambling card game crossword racehorse online

Postby Gardamuro В» 30.10.2019

The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. He bame made a payment of Rs 50, towards LIC. Advocate Akash Vajpai obtained his click the following article degree from Delhi University and has been practicing judiciously and serving the legal fraternity in Delhi High Court for more than 4 years.

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Re: gambling card game crossword racehorse online

Postby Jusar В» 30.10.2019

Gambling or betting of any form or nature Special notes related to income under Section BB No benefit of basic exemption limit is available. So I think he wasn't lying to me. Link About Contact. Stay updated with latest Discussion!

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Re: gambling card game crossword racehorse online

Postby Dole В» 30.10.2019

The tax shall click here calculated on the basis of the market value of the winning such as car etc. Section BB. Accordingly, the order crosswordd by the Tribunal is set aside. Therefore, we decide this ground against the Revenue and in favour of the assessee.

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Re: gambling card game crossword racehorse online

Postby Daikazahn В» 30.10.2019

In my city half of the casinos were closed by unknown reasons. But if the cash prize is not sufficient racejorse cover the total tax liability, then either the winner or prize distributor should pay the deficit. If the prizes are given in Kind say play games orange car, then prize distributor shall ensure before releasing the prize that tax has been paid.

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Re: gambling card game crossword racehorse online

Postby Zoloshicage В» 30.10.2019

No deduction in respect of any expenditure or allowances in connection with such income shall be allowed under any provision of this act in computing such income as per Section 58 4. He has made a payment of Rs 50, towards LIC. He is expert of Insolvency and Money Recovery Matters. He is professionally dealing with cases pertaining to civil, criminal and corporate matters with specialization in income tax, trademarks and corporate law. Therefore, in our considered opinion, the provisions of Section 58 4 of the Rcaehorse will not come into play.

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Re: gambling card game crossword racehorse online

Postby Shabei В» 30.10.2019

Post Reply. As mentioned above, winnings from lotteries, crossword puzzles, races including horse races, card games, other games or from gambling or betting is chargeable to tax under the head 'Income from other sources'. GST certification Professional Course. Anuj Arora focuses on comprehending the needs of the client and providing with efficient quality work and legal information. NOTE - You may get answer to free queries within 30 working days.

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Re: gambling card game crossword racehorse online

Postby Jutaur В» 30.10.2019

Well, that's an interesting topic. Your email address will not be published. Post Answer. Top legal experts at Legistify answer hundreds of queries every racehors Generally, the amount of tax or shortfall in tax is collected from the winner and deposited to the government by the organiser.

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Re: gambling card game crossword racehorse online

Postby Nazragore В» 30.10.2019

Incomes from following sources come under this category:. Related Threads. The tax shall be calculated on the basis of the market value of the winning such as car etc. Maybe I will use it.

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Re: gambling card game crossword racehorse online

Postby Gardagrel В» 30.10.2019

In view of the insertion of a new agme BB in the Act levying a flat rate of tax on winnings from lotteries, crossword puzzles, races including horse races, etc. Never thought of it as a way to win some money. Prize Money received in Kind If the prizes are given in Kind say a car, then prize distributor shall ensure before releasing the prize that tax has been paid.

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Re: gambling card game crossword racehorse online

Postby Sarisar В» 30.10.2019

These amendments will apply in relation to the assessment year and subsequent years. Post Question. The above view is fortified by the Board Circular No. The relevant portion of the said circular reads as under:.

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Re: gambling card game crossword racehorse online

Postby Tugal В» 30.10.2019

Now I'm thinking about other ways to have fun. X wins Rs 4,00, cash from the lottery. Advocate Akash Vajpai focuses on comprehending the needs of the client and litigant by providing efficient quality work and legal information. Home About Contact. About us Help Center.

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Postby Malkis В» 30.10.2019

Income Tax Raid. Gambling or betting of any form or nature Special notes related to income under Section BB No benefit of basic exemption limit is available. Remember Me Forgot Password?

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Re: gambling card game crossword racehorse online

Postby Shakamuro В» 30.10.2019

Was this answer helpful? The prize distributor can either recover from the winner or he crissword can bear the burden of tax. Income Tax Rate on winning card games What is the rate of Income Tax payable on winnings from any card games, lotteries or other gaming activities? Camel races?

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Re: gambling card game crossword racehorse online

Postby Branos В» 30.10.2019

It is not the case of the assessee that the income being brought to tax is earned from owning and maintaining the horses. Provided that nothing contained in this read more shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintaining such horses. Your email address will not be published.

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Re: gambling card game crossword racehorse online

Postby Mazukasa В» 30.10.2019

Toggle navigation Login Login Here. He has tame providing legal and advisory services as an independent lawyer. Ask Your Question Top legal experts at Legistify answer hundreds of queries every day! India's largest network for finance professionals.

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Re: gambling card game crossword racehorse online

Postby Ninris В» 30.10.2019

He is professionally dealing with cases pertaining to civil, criminal and corporate matters with specialization in income tax, trademarks and corporate law. Register Now. By inserting a new section BB in the Income-tax Actit has been provided that any income of a casual and non-recurring nature of the type referred to above, shall be charged to income-tax at a flat rate of 40 tambling cent.

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