Taxation: The Taxman Cometh: How Lottery Winnings are Taxed

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 30%

Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of

how to play strip poker The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award

how many times has a lucky dip won the lottery Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home