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
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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