Won a lottery or prize money in India? Here's what you need to know

website how much tax is deducted from lottery winnings Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken how do slot machines work_ This includes winnings from the Wisconsin Lottery and out-of-state lotteries tax is voluntarily withheld from gambling winnings, then the

how much tax is deducted from lottery winnings However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery  Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%  30 percent of the prized amount will be collected as tax Earlier, the tax was applicable only to prizes worth more than Rs 10,000 The Centre

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