Understanding Section 57 of Income Tax Act
Understanding Section 57 of Income Tax Act
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winning from lottery is taxable under which head of income
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Income from Other Sources is one of the five heads of income Any income that is not specifically taxable under any other head of income
winnings from lottery; Activity of owning and maintaining race horses; Income taxable at special rates under section 115BBDA or section 115BBE; lottery winnings, and prize money — all need to be disclosed under the head “Income from other sources” while filing your income tax return
odds of winning slot machine jackpot Winnings from such sources fall under the head 'Income from other sources' For example, person A has won prize money at a quiz show Rs 10 Income from other sources: Any income that does not fall under any of the four heads of income above is taxed under the head income from other