Скачать или смотреть How to file itr when dream11 winnings income a step by step guide

how to file itr when dream11 winnings income a step by step guide

If you have won a lottery prize from dream11 and other fantasy apps, you may be required to file your income tax return (ITR) and pay taxes on your winnings. Here are the steps you can take to file your ITR:

Determine the amount of your winnings: The first step is to calculate the total amount of money you have won from the lottery. This will include the prize money and any interest earned on it.

Determine your tax liability: The next step is to determine your tax liability on your winnings. In India, lottery winnings are taxed at a flat rate of 31.2%. So, if you have won Rs. 10,000 from the lottery, your tax liability will be Rs. 3,120 (31.2% of Rs. 10,000).

File your ITR: Once you have determined your tax liability, you need to file your ITR. You can do this online through the income tax department's website or by using a tax filing software.

Report your lottery winnings: When you file your ITR, you will need to report your lottery winnings in the "Income from Other Sources" section of the form. You will need to provide details such as the amount of your winnings and the tax deducted at source (TDS).

Pay your taxes: If any TDS has been deducted from your lottery winnings, you can claim credit for it while filing your ITR. If your tax liability is higher than the TDS, you will need to pay the balance tax amount.

Keep records: Finally, make sure to keep records of your lottery winnings, TDS certificates, and tax payments for future reference.

It is important to note that failing to report your lottery winnings or paying taxes on them can result in penalties and legal action by the income tax department.

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