Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Prize money winning out of unsold lottery tickets - business ...

Income Tax

July 6, 2016

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 from other sources and assessed tax accordingly - ITAT upheld the decision of CIT(A) who has deleted the additions - AT

View Source

 


 

You may also like:

  1. 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...

  2. Characterization of income - Income by way of winnings from lotteries on unsold lottery tickets - Winnings from lottery is read with the other kinds of winnings included...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. Levy of IGST u/s 5 (3) of IGST act, 2017 - supply of lottery tickets by the organising state - applicant is liable to payment of IGST under Reverse Charge mechanism

  10. Levy of Service tax on lottery tickets - Writ petition against letters issued from the Mumbai Office - territorial jurisdiction of the SIKKIM HIGH COURT - three...

 

Quick Updates:Latest Updates