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Income Tax - Highlights / Catch Notes

Home Highlights May 2014 Year 2014 This

Nature of income – Prize money received on unsold tickets – ...

Income Tax

May 6, 2014

Nature of income – Prize money received on unsold tickets – prize won on such tickets amounts to income by way of winnings from lottery - The provision of Section 115BB of the Act is fully applicable - HC

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  1. Prize winning from certain unsold tickets - special rate of tax, i.e., 30 per cent. provided under section 115BB of the Act is applicable even if winning from lottery is...

  2. Prize money winning out of unsold lottery tickets - business income OR income from other sources - A.O. treated this income separately and assessed the income as income...

  3. Brand Promotion services - amount payable to players - the prize money was not given by the franchisee, it’s rather the money received from BCCI directly for winning and...

  4. Levy of GST - prize money received from the horse racing clubs for winning the horse race competition - Taxable supply or not - The prize money/ stakes will not be...

  5. Income earned by way of winning of Sikkim State lottery - assessee is liable to pay income tax on the prize money as she is resident of India and received the prize...

  6. Levy of tax on lotteries - Valuation - when prize paid by the distributor/agent is not contemplated to be excluded from the value of taxable supply, we are not persuaded...

  7. Taxability of prize money of 1 kg. of gold won by the assessee – The expression 'lottery' would involve an element of 'chance' whereas when a person is making investment...

  8. TDS on Winnings from online games - Guidelines - Computation of Net winning - TDS in case a user borrows some money and deposits the same - treatment of bonus, referral...

  9. Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal - in the case of the assessee, viz., Shri Abhinav Bindra, all the rewards/prizes/gifts received by him...

  10. TDS on the ‘stake money’ paid to the horse owners on winning of races - Circular No. 240 dated 17.05.1978, clarified that tax was not required to be deducted u/s 194BB...

 

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