how much taxes are taken from lottery winnings
How much money will you get after taxes if you win the Mega
how much taxes are taken from lottery winnings
website how much taxes are taken from lottery winnings Under Section 194B of the Income Tax Act, TDS will be deducted when the income is earned from the winning lotteries, card games, quiz shows, card games, how much do you get if you win the lottery As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of 30%
how much taxes are taken from lottery winnings Learn about tax obligations when winning a lottery or prize money in India Latest News Raunak Jain Updated : Apr 05, 2023, 11:06 PM IST Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Most states charge taxes on winnings, too, which range from % to % Eight states don't charge any income tax on lottery winnings
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