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If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?

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If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?
posted Nov 13, 2017 by Sherlyn Mishra

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1 Answer

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Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.

answer Nov 14, 2017 by Adarsh
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