Discuss whether the following payments are subject to Tax Deducted at Source (TDS). If so, find out the amount of tax to be deducted at source: Payment of winning from lottery ₹2,00,000 to K who has not furnished PAN.
CS Executive · Tax Laws · PYQS · June 2019
Discuss whether the following payments are subject to Tax Deducted at Source (TDS). If so, find out the amount of tax to be deducted at source: Payment of winning from lottery ₹2,00,000 to K who has not furnished PAN.
Answer & Explanation:
Payment of lottery winning ₹2,00,000 is subject to TDS @ 30%. i.e. ₹60,000 (30% of ₹2,00,000). Failure to furnish PAN has no significance.
Topics: Income Tax Act, 1961
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