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
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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%.
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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.
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