Under the Income-tax Act, 2025, Mr. A, an Indian resident, wins ₹ 10,000 in a single lottery…
No tax is deductible at source on this ₹10,000 lottery payment. Section 393(3) applies deduction when the single-transaction winnings exceed ₹10,000.
Choose your answer
Under the Income-tax Act, 2025, Mr. A, an Indian resident, wins ₹ 10,000 in a single lottery transaction. Which of the following statements is true?
Answer and explanation
Correct answer C
No tax is deductible at source on this ₹10,000 lottery payment. Section 393(3) applies deduction when the single-transaction winnings exceed ₹10,000.
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Karnataka SET (KSET)