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An individual having only lottery income of Rs. 200000/- for FY 22-23 (old tax regime)? NO other income, how to calculate tax ?

Question BankCategory: Income TaxAn individual having only lottery income of Rs. 200000/- for FY 22-23 (old tax regime)? NO other income, how to calculate tax ?
Renu asked 10 months ago

An individual having only lottery income of Rs. 200000/- for FY 22-23 (old tax regime)? NO other income, how to calculate tax ?

1 Answers
Virendra answered 10 months ago

Please note that-

  • Basic exemption limit is not available from lottery income, winning from horse races etc.
  • Rebate u/s 87A is available from lottery income if total income is less than 500000/-
  • Rebate u/s 87A is  Rs. 12500 or 100% of tax whichever is lower.

tax calculation:-

  • total income Rs. 200000/- (lottery)
  • Hence basic exemption is this case is NIL
  • Taxable income is Rs. 200000/-
  • tax rate for lottery income is. 30%
  • tax value is 30% of Rs. 200000/- i.e. 60000/-
  •  In this is rebate u/s 87A will be rs. 12500/-
  • Tax payable after rebate 60000-12500= 47500/- (EC & SHEC extra)

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