NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Income from Other Sources
Which of the following receipts by a resident individual is taxable at a flat special rate of 30% under Income from Other Sources without any deduction for expenses?
Winnings from lotteries or online games are taxed at a flat 30% with no deduction for expenses. Savings interest, FD interest and dividends are taxed at the individual's normal slab rates instead.
- AWinnings from a lottery or online gameCorrect
- BInterest on a savings bank account
- CDividend from a listed company
- DInterest on a bank fixed deposit
Explanation
Winnings from lotteries, crossword puzzles, card games, races and online games are taxed at a flat 30% (plus applicable surcharge and cess) with no deduction for expenses or allowance of basic exemption set-off. Interest and dividend are taxed at slab rates.
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