Income tax payable on winnings from online, offline games of chance

E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games.

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Income Tax department offers 'Discard return' option: When you can use it

The Income Tax Department has launched a new feature dubbed 'Discard Return' wherein individuals could delete their previously submitted income tax return (ITR) and file a completely new ITR. This feature can be used multiple times and is offered at no cost to the taxpayers. Read here to know when can this feature be used and how.

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How to use NPS, health insurance cover to cut tax outgo

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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Received Diwali Bonus via cash, gift card, e-voucher, prepaid cards? Know how much income tax you will have to pay

Multiple corporate and some government employees would have received their Diwali bonus. Further it is not always necessary to receive Diwali bonus in cash. There are multiple other avenues to receive Diwali bonus like e-voucher, gift card and pre-paid gift cards issued by banks. Know the income tax implications of receiving Diwali bonus through each of the instruments.

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I want to buy a house in Canada by selling all my stocks in India. What will be my tax liability?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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Hike EPF contribution to reduce your tax outgo

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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How salary perks, NPS can save Rs 1 lakh in income tax

One reason for high tax is the low exemption for the HRA component in his salary. Up to 10% of the basic salary put in the NPS on behalf of the employee is deductible under Section 80CCD(2). There are some tax-free perks, such as reimbursement of newspaper expenses, meal coupons. Sudhir Kaushik of TaxSpanner.com tells readers how readers can optimise their tax by rejigging their income and investments

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Professional tax has to be paid by salaried people in these 21 states

Professional tax has to be paid to the State government by every individual earning over a certain monetary limit in 21 states in India. It is only when someone earns an income in any Union Territories and some states like Delhi, Uttar Pradesh, others that they need not pay any professional tax.

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Taxable income for NRIs: 5 things to know

Any rental income from a property located in India is also taxable for non-resident Indians. All you need to know about the taxable income for NRIs.

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Income tax: How can you save Rs 1.23 lakh tax with car lease finance as part of your salary?

As your salary grows the avenues of saving income tax shrinks. However, car lease finance is an option that works better with higher salary as it gives you an opportunity to own a car and save a substantial amount of income tax. We tell you how this tax saving option works and what all you need to check before going for this option.

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Income tax implications of investing in shares, mutual funds, bank FDs in child's name

Investments in the name of minor childrens for future expenses like college education, marriage, others can be done in many instruments including shares, mutual funds, bank fixed deposit (FD), post office schemes among others. Further if the income of a child is clubbed with the parent then a tax exemption is also given.

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Is gift deed a tax-efficient way to transfer assets to legal heirs?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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