What Is the Tax Rate for Lottery Winnings? - Money

What Is the Tax Rate for Lottery Winnings? - Money taxes from lottery winnings According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated taxes on poker winnings Estates and trusts use PA-41 Schedule A, Interest Income and Gambling and Lottery Winnings, to report gambling and lottery winnings Partnerships, limited

taxes on poker winnings Do you need to pay tax on lottery winnings? Good question If you're wondering if you have to pay tax on lottery winnings then guess what, you

taxes on 2 million dollars lottery winnings 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  The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are