Tax on winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever - Section 115BB - Income Tax - Ready Reckoner - Income Tax

Tax on winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever - Section 115BB Where the total income of an assessee includes any income by way of winning from any Lottery/Crossword Puzzle/ Race including horse race (not being income from owing maintaining race horses) or card game or gambling or betting of any form or nature the income-tax payable shall be aggregate of : 30% of the income by way of such winning (Slab benefit not available) - Normal tax rates on the balance income Applicable to residents individual as well as to Non-resident Individuals. Important Notes : No deduction of any expenditure shall be allowed u/s 58 . Losses cannot be set off against the income referred under this section. If any % of such income is payable to Govt. or the agency conducting the lotteries, such % is deductible while computing the Lottery income and while calculating TDS from such income . TDS will be deduct @ 30% of above-mentioned income under section 194B . [ For more detail refer this chapter ] Section 87A rebate also not available. Basie exemption threshold limit not available Non-Applicability of this section on Online Game Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the assessment year beginning on or after the 1st day of April, 2024 . For the purposes of this section, (i) horse race shall have the meaning assigned to it in section 74A ; horse race means a horse race upon which wagering or betting may be lawfully made. (ii) online game shall have the meaning assigned to it in section 115BBJ . online game means a game that is offered on the internet and is accessible by a user through a computer resource including any telecommunication device.