Section 115BB of ITA, 1961 : Section 115Bb: Tax On Winnings 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
ITA, 1961
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Explanation using Example
Imagine that Mr. Sharma, a software engineer, wins a jackpot of INR 1,00,000 in a local lottery. His regular annual income from his job is INR 8,00,000. Under Section 115BB of The Income-tax Act, 1961, Mr. Sharma's lottery winnings are subject to a flat tax rate of 30%.
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