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What is the rate of TDS applicable on winning from lotteries under Section 194B of Income Tax Act 1961 for 6 Assessment Year 2018-19 ?

What is the rate of TDS applicable on winning from lotteries under Section 194B of Income Tax Act 1961 for 6 Assessment Year 2018-19 ? Correct Answer 30%

The TDS applicable on winning from lotteries under Section 194B of Income Tax Act 1961 for 6 the Assessment Year 2018-19 is 30%.

Key Points

  1. Tax Deducted at Source (TDS) - If a payment exceeds specific threshold restrictions, any firm or person making the payment is required by the Income Tax Act to deduct tax at the source.
  2. Winning from Lotteries - It includes 'winnings from prizes awarded to anybody by a lottery, by chance, or in any other way, under any scheme or arrangement referred to by any name'.
  3. According to section 194(B) of the Income Tax Act, all gains (winning from lotteries) over Rs. 10,000 will be subject to a 30% TDS. It means if anyone earns more than Rs. 10,000 in lotteries than that amount is chargeable to TDS at 30%. 

Related Questions

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Which two of the following are correct about TDS Certificates? a) TDS on non-salary payment - Form 16 b) TDS on salary payment - Form 16 A c) TDS on sale of property - Form 16 B d) TDS on rent - Form 16 C Choose the correct option from those given below 
Which two of the following are correct about TDS Certificates?
1. TDS on non-salary payment - Form 16
2. TDS on salary payment - Form 16 A
3. TDS on sale of property - Form 16 B
4. TDS on rent - Form 16 C
Choose the correct option from those given below:
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 rate of TDS applicable for Assessment Year 2020-21 on payment of rent by an individual in excess of Rs. 50,000 per month under Section 194IB of Income Tax Act 1961?
What is the rate of TDS applicable on brokerage under Section 194H of Income Tax Act 1961 for Assessment Year 2018-19 ?
What is the rate of TDS applicable on payment of Legal and Professional charges under Section 194J of Income Tax Act 1961 for Assessment Year 2018-19 ?
What is the rate of TDS applicable on interest on securities under Section 193 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 premature withdrawal fom EPF under Section 192A of Income Tax Act 1961 for Assessment Year 2018-19?
What is the maximum limit available in respect of dividend under section 194 of the Income Tax Act, 1961, for the assessment year 2018-19 on which no TDS is required to be deducted?