How are Lottery winnings taxed?

are lottery winnings taxable
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Your local citytown may also require your lottery winnings to be taxed as income and this can result in another line of deduction from your

Winnings are taxed in the year you receive payment Period Constructive requires an unqualified right to receive immediate payment One As per section 194B of the income tax act, all the winnings over and above Rs 10,000 will be subject to a TDS of 30% With cess and surcharge,

dear lottery today result 1 pm The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal