How do I buy Kerala lottery tickets?
who is eligible for buying kerala lottery tickets?Only kerala people or other can also buy?Through the online how could i buy it?Is Neighbor state people are eligible for getting lottery tickets.
How much tax will I pay on winning a Rs. 10 Crore lottery in India?
Winning from Lottery is taxable in India as per the Provisions of Section 115BB and following are the levies:Tax Rate: Winning from lottery is taxable at a special rate of 30%. No deduction is allowed. Also no benefit of slab rate can be taken.Surcharge: In case the Total income exceeds Rs. 1 Crore, a surcharge at 15% on the tax amount.Education Cess(EC) & Secondary & Higher Education Cess (SHEC): At the rate of 2% and 1% respectively on the Tax amount and Surcharge.In this case, Tax on 10 crore lottery will be :Income Tax (at 30% of Rs 10 Crore) : Rs. 3 CroreSurcharge (at 15% of Rs 3 Crore) : Rs. 0.45 CroreEC/SHEC (at 3% of Rs. 3.45 crore ): Rs. 0.1035 CroreTotal Tax will be Rs. 3.5535 Crores
How do chit funds work? What exactly goes on behind the scenes when a chit fund is run? Who gets paid how? What exactly is the pattern of money flow?
In simple terms, a chit fund is a savings cum borrowings scheme, wherein a few people (known as members or subscribers) come together and invest a fixed amount every month for a fixed period.To best explain its working, here's a simple example:Let’s assume there is a chit fund ->with 10 members ->each contributing Rs. 3,000 per month ->for 10 monthsThus total monthly collection in this chit fund = Rs. 30,000.Suppose in the 1st month, 2 members need funds and participate in the bidding. Member 1 bids for Rs. 27,000 Member 2 bids for Rs. 26,000Thus, Member 2 becomes eligible to draw the money for the month as his bid is lower than the first member’s bid.*If there is more than one member bidding for the same amount, which happens to be the lowest amount, a lottery is drawn to determine which of the members will be eligible for withdrawing the amount.The chit fund scheme is managed by one of the members, who is known as the Foreman. He is responsible for collecting the subscription amount from the subscribers, recording details of members and conducting the auctions. For these duties, he is paid a fee, which is generally 5% of the amount collected.Thus, Foreman’s fee = Rs. 1,500 ( 5% of Rs. 30,000)Member 2 can now withdrawRs. 26,000 – Rs. 1,500=Rs. 24,500The remaining Rs. 4,000 (Rs. 30,000- Rs. 26,000) is distributed equally among all the members, ie: Rs. 400 each.So in effect, during the 1st month, each member contributes only Rs. 2,600 (Rs 3000 - Rs 400)This process is repeated every month for a total of 10 months.On the completion of 10 months period, each subscriber would have withdrawn a bulk amount once, in addition to getting the monthly nominal amount.This monthly amount works like a dividend for the money invested.Hopefully you got the idea with this example. In case you want to know more about chit funds, this link might prove helpful -> Is a chit fund good for you?!If you have any other Personal Finance queries, you can follow and tweet out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter