How to file ITR for lottery winnings | ITR 2 | Section 194B | #ShrutiYadav

How to file ITR for lottery winnings | ITR 2 | Section 194B | #ShrutiYadav



Project - #makeknowledgefree



Posted by Shruti on site



"Hi Amlan Sir, great site.



Can you make one more video about this query below please? And please teach and show on the video how to file ITR or pay any taxes if applicable.



note: my income tax slab bracket is less than thresold Rs.2,50,000 / non taxable. I do not have any other income other than this winning in both cases



*) case 1: I do not have any income source, my income comes under non taxable income tax slab (which is less than Rs.250000). So if I play and make profit of Rs.8000 (which is less than Rs.10000) in an entire year. And then I withdraw it, so poker site will not deduct any TDS, so do I have to pay tax on this income of Rs.8000?



*) case 2: I do not have any income source, my income comes under non taxable income tax slab (Rs.250000). So if I play and make profit of Rs.8000 (which is less than Rs.10000), then withdraw it (so no TDS deducted), then I again play again and make a profit of Rs.7000, then I withdraw it (so no TDS deducted) in an entire year. So do I have to pay any tax on this total income of Rs.15000?



Or the income goes under my income tax slab and I pay tax according to it. below 250000 no tax, 2.5lac to 5lac 5% tax etc etc"



The question is also similar to, do I have to pay any tax if I won less than rs10000 in lottery and my income thresold is less than 250000. Just in case.



Solution: #makeknowledgefree



Assuming that it is lottery income , the basic exemption limit is not available in case of winnings from lottery ...taxation is not as per slabs but at fixed 30% slabs .......You are required to pay tax at the rate of 30% on total winnings. Under Section 194B of the Income Tax Act, 30% tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. In your case the winnings being less than 10,000 rs , no TDS shall be deducted ...but you shall be required to file a ITR 2 and show this winnings under other sources under lottery winnings ...return shall itself computed tax liability .....