The Income-tax Act, 1961
Bare Act
Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not be… Read the complete text with KanoonGPT Pro.
Simplified Act
If you earn money from things like lotteries, crossword puzzles, horse races (but… Read the complete text with KanoonGPT Pro.
Explanation using examples
Imagine that Mr. Sharma, a software engineer, wins a jackpot of INR 1,00,000 in a local lottery. His r… Read the complete text with KanoonGPT Pro.
