For tax year 2026-27, under the Income-tax Act, 2025, tax is deducted at source on a payment exceeding…
The tax deduction rate is 30% for these winnings. The threshold applies to a single payment exceeding Rs. 10,000, and deduction is made on the winnings rather than only on…
Choose your answer
For tax year 2026-27, under the Income-tax Act, 2025, tax is deducted at source on a payment exceeding Rs. 10,000 in respect of winnings from lotteries, crossword puzzles or card games at the rate of __________.
Answer and explanation
Correct answer D
The tax deduction rate is 30% for these winnings. The threshold applies to a single payment exceeding Rs. 10,000, and deduction is made on the winnings rather than only on the excess over that threshold.
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Maharashtra and Goa SET (MH SET)