Category Archives: Income Tax

A] TAX RATES There is no change in income tax rates, except as under:- [a] The rate of income tax for a domestic company will be 25%, if the total turnover or gross receipts of the previous year 2016-17 does not exceed Rs.250 crores. [b] Education cess of 3% replaced by Health and Education cess and […]

In regard to winnings from horse racing issue arises whether TDS is to be deducted both on betting money and prize money for participation of a horse in a race. In this context the following is noticeable:- 1] That section 2[24][ix] of the IT Act defines income to include any winnings from lotteries……races including horse races……..and other games of any […]