Won a lottery or prize money in India? Here's what you need to know

lottery win tax
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Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by The basic tax rate throughout India for lottery winnings is 30 percent The rate is specific for the taxation of lottery winnings The tax rate

stella accu slot As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,