Income Tax on Awards & Prizes

how much tax do you pay for lottery winnings
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As per Sections 194B and Section 115BB of the IT Act, a tax rate of 30% is charged on lottery winnings of over Rs 10,000 It is deducted by a

The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax is charged

how many poker chips for 8 players Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %,

how to get a straight in poker However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery