Quiz for the week (16 Mar 2026) :
Gomes (age 65) and James (age62) are residents in India. They won Rs.12 lakhs and Rs.8 lakhs by way of lottery winnings respectively. Tax was deducted at source on their winnings. They do not have any other income. Gomes spent Rs.30,000 towards purchase of lottery tickets and James spent Rs.45,000 for the same. Are they liable to pay advance tax? if so, why?
Share your thoughts on the above on or before 23rd March 2026.