How much tax has to be paid on lottery or game show prize money?
How much tax has to be paid on lottery or game show prize money?
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TDS rate is 30% There won't be a fee and a health and education cess added TDS will therefore be deducted at standard rates
While lottery winnings aren't taxable, you may be subject to taxes once you've deposited the funds or if you give any winnings as a gift Let's In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and at least 300 times the amount of the wager State Income
the home of the national lottery Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery
