tax on lottery winnings
Section 194B of Income Tax Act
tax on lottery winnings
website tax on lottery winnings Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by taxes on lottery Section 194B of the Income Tax Act applies to TDS deductions from the income earned from winning the lotteries Learn about deductions, penalties, and more
tax on lottery winnings Tax Treatment of Gambling Winnings Other Than State Lottery Winnings ) Effective Date: This publication is effective for taxable years beginning on or after Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %, As per Section 194B of The Income-tax Act, 1961, if the prize money exceeds ₹10,000, then the winner will get the prize money after the
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