Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Home Ministry wants all lottery prize payments to be made via banking channel.


Date: 01-08-2023
Subject: Home Ministry wants all lottery prize payments to be made via banking channel
NEW DELHI: Ministry of Home Affairs wants that the prize amount should be disbursed to lottery winners through formal banking channels to check tax evasion and money laundering, Parliament was informed on Monday. The home ministry has sought views from the revenue department, under the finance ministry, and state governments in this regard.


"Ministry of Home Affairs sought views from Department of Revenue, Ministry of Finance through the said OM (office memorandum) regarding possibility of disbursement of prize amount of lotteries through formal banking channel. Ministry of Home Affairs has also sought views of all states on the same issue," Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha.

Under section 194B and 194G of the Income Tax Act, winnings from lottery or crossword puzzle and commission, on sale of lottery tickets are subject to Tax Deduction at Source (TDS).


The Finance Act, 2023 has amended section 194B of the Act and the scope of TDS has been further expanded to include gambling or betting of any form or nature whatsoever, with a threshold of aggregate amount exceeding Rs 10,000 during the financial year for TDS to be deducted.

Chaudhary said the Income Tax Department takes appropriate investigative action in tax evasion cases, whenever any credible information/ intelligence of violation of provisions of Direct Tax Laws relating to any taxpayer comes to its notice.


Source Name : Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 18-09-2025
Corrigendum
Corrigendum to Notification No. 9/2025 – Central Tax (Rate) dated 17.09.2025

Date: 17-09-2025
Notification No. 13/2025-Central Tax (Rate)
Seeks to amend Notification No. 21/2018- Central Tax (Rate) dated 26.07.2018.

Date: 17-09-2025
Notification No. 14/2025-Central Tax (Rate)
Seeks to notify GST rate for bricks.

Date: 17-09-2025
Notification No. 37/ 2025-Customs
Seeks to amend Notification No.19/2019-Customs dated 06.07.2019

Date: 17-09-2025
Notification No. 38/ 2025-Customs
Seeks to amend Notification No.29/2025-Customs dated 09.05.2025

Date: 17-09-2025
Notification No. 39/2025-Customs
Seeks to amend Notification No.50/2017-Customs, dated 30.06.2017

Date: 17-09-2025
NOTIFICATIONNo. 15/2025 – Central Tax
Seeks to exempt taxpayer with annual turnover less than Rs 2 Crore from filing annual return.

Date: 17-09-2025
NOTIFICATION No. 16/2025–Central Tax
Seeks to notify clauses (ii), (iii) of section 121, section 122 to section 124 and section 126 to 134 of Finance Act, 2025 to come into force.

Date: 17-09-2025
Notification No. 12/2025-Central Tax (Rate)
Seeks to amend Notification No. 8/2018- Central Tax (Rate) dated 25.01.2018.

Date: 17-09-2025
NOTIFICATION No. 14/2025 – Central Tax
Seeks to notify category of persons under section 54(6).



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001