Here's the tax bill for the winning $ Mega Millions ticket

Under the I-T Act, for the computation of total income, the income of an assessee is classified into five different heads of income

According to the Income Tax Act, 1961, any income by way of winnings from any lottery, crossword puzzle, card game, or other game of any sort is taxable under

winning lottery numbers Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal

winning md lottery No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free?