Section 194B of Income Tax
Section 194B of Income Tax
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Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery tickets each week choosing ticket numbers according to a system she has
The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New
11_6_23 lottery result Yes, you do have to pay tax on money that you win as a prize Larger prizes like a lottery win or gambling winnings will even generate income In this case the Bombay High Court held that prizes on unsold tickets cannot be considered as winnings from lotteries On these issues the Bombay High Court
