tax on winning lottery
Section 194B of Income Tax Act
tax on winning lottery
tax on winning lottery
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tax on winning lottery The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %, Under the provision of section 194B of the IT Act, 1961 the TDS rate for any income earned by way of winnings from crossword puzzles, lotteries, Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes
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