lottery taxation
Won a lottery or prize money in India? Here's what you need to know
lottery taxation
lottery taxation
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lottery taxation The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries, lottery which are subject to withholding shall deduct and withhold from such payment a tax in an amount equal to 20 percent of such payment
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