Won a lottery or prize money in India? Here's what you need to know

lottery winnings tax
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Not all money people use to buy lottery tickets already had taxes taken out of them One of the biggest problems with lottery is most of the

Section 115BB imposes a flat income tax rate of 30% plus cess and surcharge on winnings from offline gambling or betting games  As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of

slot demo gratis pragmatic olympus Lottery prize proceeds of more than $5,000 are subject to income tax withholding in accordance with § 48-7-101 Withholding From the Proceeds Paid Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments