Lottery-like taxation: Fear grips F&O traders as 30% tax likely on

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Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

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 If you are a resident of New York City or Yonkers, the prize payment is also subject to city withholding at the city's highest effective rate of tax To

kerala lottery result kr619 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, 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,