How are Lottery Winnings Taxed?

how much is the lottery taxed
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You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize

Any guesses on how much tax you have to pay? Photo: AFP · Now, the laws also say that tax can be deducted only if such lottery income is greater How lottery prizes or winnings affect your taxes or potentially unemployment benefits, depends upon your individual financial situation Winning a lottery prize

cheese slot 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 That means Rs 25 crore winner will have a tax liability of Rs 9,61,74,000 after forgoing Rs 10 per cent as agent commission This needs to be