Section 194S of Income Tax Act: Meaning, Rate of TDS & Provisions

1 crore lottery tax
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Between Rs 1 Crore to Rs 2 Crore

As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount Calculate · 1 Salary · 2 One house property · 3 Other sources excluding winning from lotteries and income from horse races · 4 Agricultural income upto ₹ 5,000

gg poker pokertracker Winners must remember that there is a deduction of 30 percent lottery tax and 10 percent agent lottery commission applicable on the prize money  Q- How much tax is paid for a 5 crore lottery? The entire amount received will be taxable at the flat rate of % The award winner would