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Section – 194G Payments or commission on sale of lottery tickets

Table of Contents
 
  1. Section 194G: TDS on Commission on Sale of Lottery Tickets
  2. Who needs to deduct TDS under Section 194G? 
  3. Tax Deduction Rate & Time u/s 194G 

Section 194G: TDS on Commission on Sale of Lottery Tickets

Lottery tickets are popular in India. Yet, many are unaware that the sellers or agents of these tickets are required to adhere to tax deduction provisions. Let's explore Section 194G's terms.

Who needs to deduct TDS under Section 194G? 

Under Section 194G, TDS must be deducted by anyone paying income via commission, remuneration, or lottery prize to a person involved in selling, stocking, distributing, or buying lottery tickets.

 

Tax Deduction Rate & Time u/s 194G 

The tax deduction rate u/s 194G is 5%. Deduction happens at the earliest of either when the income is credited to the payee's account or the actual payment. 

No TDS is needed if the income is below Rs.15000.

 

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The Tax Heaven

Mr.Vishwas Agarwal✍📊, a seasoned Chartered Accountant 📈💼 and the co-founder & CEO of THE TAX HEAVEN, brings 10 years of expertise in financial management and taxation. Specializing in ITR filing 📑🗃, GST returns 📈💼, and income tax advisory. He offers astute financial guidance and compliance solutions to individuals and businesses alike. Their passion for simplifying complex financial concepts into actionable insights empowers readers with valuable knowledge for informed decision-making. Through insightful blog content, he aims to demystify financial complexities, offering practical advice and tips to navigate the intricate world of finance and taxation.

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