Question

Income received from winning from lottery tickets Rs. 31,500 (Net amount, @ 10%
TDS). Find out taxable income under the head Income from other sources.
O 31,500
O3,500
35,000
5,000​

Answer 1

Answer:

Explanation:

35000

Answer 2

The correct answer is 35,000.

Explanation:

• Lottery income is taxed at flat rate, the basic exemption of income (say Rs. 5,00,000) is not available to the assessee.
• Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10000.
• The rate of TDS in the situation of such incomes is 30% if the income exceeds Rs. 10,000.
• Hence, the correct answer is option 35,000.