EduRev

Open App

Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 194B and 194BB TDS on Casual Income

S 194B and 194BB TDS on Casual Income Video Lecture | Income Tax for assessment (Inter Level) - Taxation

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

Join Course for Free

FAQs on S 194B and 194BB TDS on Casual Income Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is section 194B in income tax?

Ans. Section 194B of the Income Tax Act states that any winnings from lotteries, crossword puzzles, card games, or other games of any sort exceeding Rs. 10,000 will be subject to a 30% tax deduction at source (TDS).

2. What is section 194BB in income tax?

Ans. Section 194BB of the Income Tax Act pertains to the taxation of winnings from horse races. It states that any winnings exceeding Rs. 10,000 will be subject to a 30% tax deduction at source (TDS).

3. How is TDS calculated under section 194B?

Ans. TDS under section 194B is calculated at a rate of 30% on the winnings exceeding Rs. 10,000. For example, if someone wins Rs. 15,000 from a lottery, the TDS amount would be Rs. 1,500 (30% of Rs. 5,000).

4. What is casual income taxation?

Ans. Casual income taxation refers to the taxation of income earned from occasional or sporadic activities such as winnings from lotteries, crossword puzzles, card games, horse races, etc. Section 194B and 194BB of the Income Tax Act provide guidelines for the TDS deduction on such income.

5. Are there any exemptions or deductions available for casual income taxation under section 194B and 194BB?

Ans. No, there are no specific exemptions or deductions available for casual income taxation under section 194B and 194BB. The tax deduction at source (TDS) is applicable on the entire amount of winnings exceeding Rs. 10,000 at a flat rate of 30%.

Related Exams

Taxation

About this Video

Nov 16, 2024 Last updated

Video Description: S 194B and 194BB TDS on Casual Income for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation. The notes and questions for S 194B and 194BB TDS on Casual Income have been prepared according to the Taxation exam syllabus. Information about S 194B and 194BB TDS on Casual Income covers all important topics for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for S 194B and 194BB TDS on Casual Income.

Introduction of S 194B and 194BB TDS on Casual Income in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & S 194B and 194BB TDS on Casual Income in Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for Taxation Exam by signing up for free.

Description

Video Lecture & Questions for S 194B and 194BB TDS on Casual Income Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).

Information about S 194B and 194BB TDS on Casual Income

Here you can find the meaning of S 194B and 194BB TDS on Casual Income defined & explained in the simplest way possible. Besides explaining types of S 194B and 194BB TDS on Casual Income theory, EduRev gives you an ample number of questions to practice S 194B and 194BB TDS on Casual Income tests, examples and also practice Taxation tests.

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

Join Course for Free

Explore Courses for Taxation exam

Signup for Free!

Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.

Start learning for Free

10M+ students study on EduRev

video lectures