Details on Taxes For Lottery Winnings In India

taxes on lottery winnings
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US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or The same is taxable at a flat rate rate of 30% of the total winnings In the present case, prima facie the tax amount will be INR 9,00,000 (30%

how many people do you need for poker Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or Prize winners pay betting and lottery tax on prizes If you organise a national game of chance and reside or are based in the Netherlands, you can deduct