30% tax on lottery wins of over Rs 10K a year

how much tax is on 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

However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

best poker learning sites lottery winnings) is taxable amounts that are exempt from tax under section 87 of the Indian Act Note Complete Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare