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I think betting etc should be legalized to earn revenue
in General Discussions
If the step to legalize betting taken like in other countries, I think it would bring good revenue to exchequer and there would be lesser bad activities as in the present when we do not have a law to take an action those who indulge in such acts. Why should we lose a big earning chance while the opportunity exists.

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    Ha ha.. I am sure many people will lose lots of money because of this too.. I didn't know that in other countries this is legal. Well, I don't think it can provoke any bad activity so it should be okay.
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    Thank you said by: suni51
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    Betting is already taxable in Income Tax law in the category - Income from other sources. Betting should be legalized. I agree. But betting to be genuine should not be based on match fixing.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

    Thank you said by: suni51
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    Is it ?Betting come under taxable income? We can legalize the betting but how far can we make it genuine?
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    Is it ?Betting come under taxable income? We can legalize the betting but how far can we make it genuine?


    Legality of an income and levy of tax are separate things. even unlawful income is subject to tax. You may indulge in black marketing of cinema or cricket match tickets. This is illegal activity but income arising therefrom is taxable.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

    Thank you said by: chinmoymukherjee
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    Fowl methods are as much part of human life as fair ones, therefore to reduce the risk of illegalities it's better to legalize betting. It's like prohibition of use of alcohol never stopped drinkers from drinking.

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    Betting is already taxable in Income Tax law in the category - Income from other sources. Betting should be legalized. I agree. But betting to be genuine should not be based on match fixing.


    That's it!! Betting per se is different. If the results are manufactured you are cheating the betting folks!!!
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    Betting is already taxable in Income Tax law in the category - Income from other sources. Betting should be legalized. I agree. But betting to be genuine should not be based on match fixing.


    That's it!! Betting per se is different. If the results are manufactured you are cheating the betting folks!!!


    It's not about results and manufacturing but the loss of revenue. if we only make it legal the gain in form of revenue would be worthwhile and then people's involvement lawfully, would make it lesser evil. Wot say?

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    Betting is already taxable in Income Tax law in the category - Income from other sources. Betting should be legalized. I agree. But betting to be genuine should not be based on match fixing.


    That's it!! Betting per se is different. If the results are manufactured you are cheating the betting folks!!!


    It's not about results and manufacturing but the loss of revenue. if we only make it legal the gain in form of revenue would be worthwhile and then people's involvement lawfully, would make it lesser evil. Wot say?


    As Gulshanji has so correctly explained with his standing as a tax consultant that income Tax Act does not differentiate sources of income - be it legal or illegal. Now coming to the question of loss of revenue if betting is legalized, betting is legal now with income from horse races or lottery fit to be taxed under the present provisions of the Income Tax. If you are aiming at augmenting revenues out of betting, how can't it be ensured if the results of any betting is not dependent on probabilities but criminal act of pre-fixing !! The chance element is completely eliminated by such criminal act.
    Thank you said by: suni51
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    Is it ?Betting come under taxable income? We can legalize the betting but how far can we make it genuine?


    Yes income from betting is taxable. But with payment of tax we can covert our black money into legit earning.
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    Is it ?Betting come under taxable income? We can legalize the betting but how far can we make it genuine?


    Yes income from betting is taxable. But with payment of tax we can covert our black money into legit earning.
    ..


    There is no such thing! You are forced to pay tax on your illegal stream of sources of income! Legality is a different concept.
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