Don't Worry , Be Happy !
Winnings from competition often brings the question whether the winnings is taxable under Income Tax Act , more so because organizers deduct tax on it. A similar question has been asked by one Reader Ms Anu Garg “Whether the prize money of a dance competition taxable under Income Tax Act? There is no simple answer...
Whether every kind of lottery is an income taxable under Income tax Act or the meaning of lottery is restricted for the purpose of taxation. In case of CIT vs Tilak Raj Kalra (2012) 206 Taxman 126 / 240 CIT 205 (P & H ) , the very issue was before hon’able high court which
There has been a spate of fictitious offers of cheap funds in recent times from the fraudsters through letters, e-mails, mobile phones, SMS, etc. Almost everybody is getting mails or sms of lottery winnings and for that small transactions fee is charged. The gullible masses , out of sheer greediness , are believing such mails or sms...
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
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