Filing ITR-2 - Income from Dream 11, Lottery Winnings -AY 23-24 II Tax on Causal Income I  

ITR2 on causal income,
itr2 on dream 11,
itr2 on lottery winnings,
Tax on Dream 11,
Tax on Lottery Winnings in India,
casual income income tax,
online game income tax,
194B Tds,
194bb tds,
online sports betting taxes,
Winning from KBC Game Show,
Winning from Dance India Dance,
Winning from reality shows,
Winning from Indian Idol,
Winning from Big Boss, Nach Baliye, India’s Got Talent, Fear Factor, MTV, Roadies etc,
Winning from Pocker, Dice, Rummy culture, Dream 11, Fantasy League,
tax on quiz show winnings,
tax on online betting,
betting income tax,
Section 115BB,
Casual income are
Lotteries
Crossword Puzzles
Races inclusive of Horse Races
Card Games and other Games of any sort (Online gaming , Game show, an entertainment programme on television or electronic mode - (KBC Game Show, Dance India Dance, Indian Idol, Big Boss, Nach Baliye, India’s Got Talent, Fear Factor, MTV Roadies etc)
Gambling or Betting of any form or nature whatsoever (Pocker, Dice, Rummy culture, Dream 11, Fantasy League etc )
Note: Casual income, is non-recurring in nature / not likely to occur again and again in a year / earned by chance / Frequency is uncertain and not fixed / unanticipated and unplanned
TDS Applicability
TDS is applicable only if the winning amount is more than Rs 10,000
TDS @ 30% under section 194B or under section 194BB-Horse Races)
Suppose winning amount Rs 1 Lakh and TDS 30,000 = Rs 70,000
If winning amount is less than Rs 10,000 than in such case the person should pay tax from his own pocket
There is no provision of refund of such amount
Other Provisions of Income Tax
No expenditure is allowed from such income
No deduction under section 80C to 80U or any other deduction or allowance is allowed from such income
The benefit of basic exemption limit and income tax slab rate is also not applicable to this income (i.e. Special Rate applicable)
Casual income is chargeable under the head ‘Income from other Sources’ under Section 115BB of the Income Tax act
The entire amount received will be taxable at the flat rate of @31.20% (No set off loss)
For any winning prize in kind in such cases the Prize distributor can either recover from the winner or he himself can bear the burden of the tax
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