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Thread: Betting on horse racing and other sports...

  1. #1

    Default Betting on horse racing and other sports...

    INCOME TAX SCENARIO :

    1). TDS u/s 194BB of the Income Tax Act 1961 @ 30% is charged if the winning amount is $1000 more
    2). The Appraiser must now declare this income in his ITR under the heading "INCOME FROM OTHER SOURCES", and it is also taxed @ 30% u/s 115BB without any basic exemption limit and Chapter VI A.

    GST SCENARIO :

    Lottery, betting and gambling are treated as "DELIVERY u/s 7 OF the CGST Act 2017". Now the GST rate on rates is 28%.

    Am I right????
    Please confirm this to the experts AS SOON AS POSSIBLE...

  2. #2

    Default

    I thought that bet money are not taxable

  3. #3
    Senior Member
    Join Date
    Jan 2021
    Posts
    306

    Default

    You are right, the rates have changed last year

  4. #4
    Senior Member HeatherParr's Avatar
    Join Date
    Apr 2021
    Posts
    115

    Default

    I don't understand why NFL is popular only in the United States of America. Even in the nearest country that is Canada, it is not so popular. It considered a national sport, like baseball. I started to lay it in the middle school. I always wanted to become a professional player. Now I am just an amateur that sometimes can play a game with friends. I also put bets on NFL matches, and not only. I am using a site that makes predictions. These predictions are made by a computer, it analyzes all the matches and it makes a pick that has a higher probability to win.
    __________________________
    www.americanodds.com/nfl/nfl-computer-picks

  5. #5
    Junior Member
    Join Date
    Aug 2021
    Posts
    3

    Default

    NFL is not popular in some countries but in sports betting online, I see a lot of forums.. start betting..

  6. #6
    Junior Member
    Join Date
    Oct 2021
    Posts
    18

    Default

    Horse racing betting is interesting, I remember old American movies, where social events were often held at the racetrack, and the men were betting on the horses. I prefer college basketball picks more because I love watching basketball games, I am well versed in this sport and decided to try to bet on the basqueball.

  7. #7

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