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What is the maximum limit available on which NO TDS is required to be deducted in respect of winning from Horse races under Section 194BB of Income Tax Act 1961 for Assessment Year 2018-19 ?

What is the maximum limit available on which NO TDS is required to be deducted in respect of winning from Horse races under Section 194BB of Income Tax Act 1961 for Assessment Year 2018-19 ? Correct Answer Rs. 10,000

4The correct answer is Rs. 10,000

Important Points

Section 194B of Income Tax Act 1961 states that if a person earns any income by winning lottery, games, puzzles, etc, and Section 194 BB in respect of winning from horse races, the income shall be fully taxable if the income exceeds Rs. 10000. 

Earning through games, Lottery, crossword, etc.

Tax liability

Tax Rate

Income less than 10,000

non-taxable

0%

Income more than 10,000

fully taxable

TDS @ 30% + Cess & Surcharge @ 1.2% = 31.2% (effectual)

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