Income tax
Income tax
taxed as income from lottery The AO assessed the value of car at ,98,204- as winning from lottery and the same was charged to tax The C IT
Thus, this head is the residuary head of income and brings within its scope all the taxable income, profits or gains of an assessee which fall outside the scope Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no
somebody lottery Thus, this head is the residuary head of income and brings within its scope all the taxable income, profits or gains of an assessee which fall outside the scope Individuals earning rental income are subject to taxation under this head lottery winning are considered as income from other sources Taxpayers and
