Gambling tax india

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***** 022-28855160 Suppose Mr. Anish wins a Car from Gambling or betting then prize distributor has to make sure that TDS has been paid deducted on the basis of market value of Car before handling the Car to Mr. Anish. The tax burden can be beard either by Prize Distributor or Mr. Anish.

The above comments do not constitute professional advice. The Author can be reached at [email protected] or visit website www.financialtreecompany.com. My name is CA Divya Agrawal and I am Practising Chartered Accountant, CEO and Founder of FINANCIAL TREE COMPANY (An online return filing and Tax Consultancy Company). We also upload educational videos in You tube and name of our channel is FINANCIAL TREE COMPANY. Our aim is to help people in improving their financial health by spreading knowledge and love. Stay Financially Fit and Healthy. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: 83413d34cae9e715cf20a4bdc799ba80 RATE OF TAX

DEDUCTIONS OR EXPENDITURE NOT ALLOWED In cases where prize is given both in cash and kind, then the total tax should be calculated on the cash portion of the prize and on market value of the prize given in kind. And the tax amount should be deducted while giving the cash portion of the prize to the winner. But if the cash prize is not sufficient to cover the total tax liability, then either the winner or prize distributor should pay the deficit. WHEN WINNINGS ARE PARTLY IN CASH AND PARTLY IN KIND If you gamble in online casinos, please make sure that you file return of income. Betting or gambling is illegal in most of India. But there is no law that makes online betting an illegal activity. Surveys conducted in 2020 have revealed that there are approximately 300 million online gamers in India and the number is going to increase rapidly in coming years. With widespread use of internet casinos companies have started casino websites offering an enthralling environment to play in. There is much litigation on gambling but income tax does not restrict anyone to earn from litigated source. It only says “Please Pay Tax”. Therefore online gambling is also taxable. Δdocument.getElementById( “ak_js” ).setAttribute( “value”, ( new Date() ).getTime() );

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