Section 156 Prizes and winnings
The rate of taxes Section 156 Prizes and winnings:
- The rate of tax to be deducted under section 156 on a prize on prize bond or cross-word puzzle shall be 15% of the gross amount paid for filers and 25% of the gross amount paid for non-filers].
- The rate of tax to be deducted under section 156 on winnings from a raffle, lottery, prize on winning a quiz, prize offered by a company for promotion of sale, shall be 20% of the gross amount paid.
The taxability will be final.
The rates on petroleum products are as below: –
Rate of collection of tax under section 156A shall be 12% of the amount of payment for filers and 17.5% for non-filers.
The taxability will be final.
