The Income Tax Act, 1961

The Gambling Act, 1970

The Finance Act, 2020

The Wealth Tax Act, 1957

10%

20%

30%

40%

Yes, there are certain exemptions and deductions available.

No, there are no exemptions or deductions available.

It depends on the specific gambling activity.

It depends on the amount of gambling winnings.

The tax is computed on the gross amount of winnings.

The tax is computed on the net amount of winnings after deducting expenses.

The tax is computed on the amount of winnings that exceeds a certain threshold.

The tax is computed on the amount of winnings that is deposited in a bank account.

A fine may be imposed.

The winnings may be confiscated.

Both a fine and confiscation of winnings may be imposed.

None of the above.

Yes, it is mandatory to report gambling winnings in India.

No, it is not mandatory to report gambling winnings in India.

It depends on the amount of gambling winnings.

It depends on the source of gambling winnings.

July 31st

August 31st

September 30th

October 31st

Yes, gambling winnings can be set off against other losses incurred in the same year.

No, gambling winnings cannot be set off against other losses incurred in the same year.

It depends on the nature of the losses.

It depends on the amount of the losses.

Yes, there are specific rules for the taxation of winnings from online gambling in India.

No, there are no specific rules for the taxation of winnings from online gambling in India.

It depends on the platform through which the online gambling is conducted.

It depends on the location of the online gambling server.

GST is not applicable to gambling winnings in India.

GST is applicable to gambling winnings in India at a rate of 18%.

GST is applicable to gambling winnings in India at a rate of 28%.

GST is applicable to gambling winnings in India at a rate of 5%.

Yes, gambling winnings can be used to offset losses incurred in previous years.

No, gambling winnings cannot be used to offset losses incurred in previous years.

It depends on the nature of the losses.

It depends on the amount of the losses.

Yes, there are special provisions for the taxation of winnings from lotteries in India.

No, there are no special provisions for the taxation of winnings from lotteries in India.

It depends on the type of lottery.

It depends on the amount of the winnings.

There is no difference between "income from gambling" and "income from betting and racing" under the Income Tax Act, 1961.

Income from gambling is taxed at a higher rate than income from betting and racing.

Income from betting and racing is taxed at a higher rate than income from gambling.

Income from gambling is exempt from tax, while income from betting and racing is taxable.

Yes, gambling winnings can be garnished to satisfy outstanding debts.

No, gambling winnings cannot be garnished to satisfy outstanding debts.

It depends on the jurisdiction.

It depends on the amount of the winnings.