How much tax has to be paid on lottery or game show prize money?

how much tax on lottery
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Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, whether the Government is aware that the State of Kerala has fixed a Goods and Services Tax rate

slot ter gacor You'll need to pay taxes on lottery winnings whether you hit the jackpot or won a few hundred dollars Here's how it works and how to lower You have to pay the taxes for those winnings in full The point is valid for all winnings, regardless of how you might have acquired those funds