This also includes winnings in kind or partly in cash and partly in kind.

The Ministry further informed the lower house of the Parliament that vide Finance Act 2023, the rate in force is 30%. In reference to the Section 194B of the Income-tax Act, 1961 (‘the Act’), the Ministry stated that the person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year shall, at the time of payment, deduct income-tax at the rates in force. The Ministry stated that using formal banking channel for any kind of transaction, including disbursement of lottery prize, is helpful in mitigating the associated money laundering/terrorist financing / proliferation funding risks in view of the robust banking system and effective regulation/supervision of the regulated entities.

Ministry of Finance on Monday informed Lok Sabha that a reference was received from Ministry of Home Affairs (MHA) for comments regarding disbursement of prize amount of lotteries through formal banking channel and comments in this regard have been sent to MHA.

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