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

Project - #makeknowledgefr...

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 ....." id="vid_text">
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