Do you need to pay tax on lottery winnings?

lottery winnings) is taxable amounts that are exempt from tax under section 87 of the Indian Act Note Complete

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

tax rate on lottery winnings in india While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

taxact lottery calculator The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab