Home › CA Inter › taxation › Income-tax Basic Concepts › Casual income such as winnings from lotteries an…
Casual income such as winnings from lotteries and crossword puzzles is taxable at a flat rate of:
A20%
B10%
C30%
Dslab rates
Answer & Solution
Correct answer: C. 30%
Casual income (lotteries etc.) is taxed at a flat 30%.
Related questions
The basic exemption limit and slab rates applicable depend on the assessee's category and Under the Act, a 'firm' and a 'company' are treated as ___ categories of person:Tax computed is rounded off, under Section 288B, to the nearest:Income-tax is a tax levied on the ___ of a person:For a newly set-up business, the first previous year may be a period of ___ twelve months:The amount on which income-tax is finally computed for an assessee is the:A one-time receipt arising from the sale of a fixed asset is generally a ___ receipt:In certain cases the income of a previous year is assessed in the same year itself; this i