Lottery Agents Exempted from Paying TCS Tax Dues by Income Tax Department
Kerala, India (January 30, 2023) — The income tax department has decided to exempt lottery agents from the payment of Tax Collection at Source (TCS) dues for the period October 2020 to March 2021. The decision was taken following talks held between the lottery director and the income tax commissioner.
As part of this, a certificate corresponding to Form 27BA of the income tax return, submitted by the lottery agents for the financial year 2020-21, should be certified by a chartered accountant and given to the lottery department.
Later, it will be forwarded to the income tax department and the arrears will be cleared. The income tax department had earlier asked the agents to pay the tax arrears for 2020.
As per the demand, agents who sold lottery tickets for more than Rs 50 lakh, during the period between October 1, 2020, and March 31, 2021, were asked to pay their tax dues.
SOURCE: G2G.Tags: Lottery Agents, TCS Tax, Income Tax Department