And up to what amount no taxes are levied?
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And up to what amount no taxes are levied?
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i think it comes under the category of income tax….. but not sure much…… you can get more information for these topics on a business site http://www.tradeopportunity.net
On any lottery/ quiz winnings Tax at source will be deducted @30%+ edu cess
30% on winning amount
(without any deduction).
TDS will be deducted at 30% on the winning amount plus Education Cess and SHEC @ 3% on the amount of Tax deducted. The maximum exemption limit is Rs 1,60,000/- for men, 1,90,000/- and 2,25,000/- for those who are above 65 years of age. Now suppose that your Total Income (including the lottery income) during the year is below Rs 1,60,000/- then no tax is to be paid.
30% flat