income tax for lottery winnings

lottery income tax
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Winnings from lotteries or crossword puzzles are subject to Tax Deduction at Source under sections 194B and 194G of the Income Tax Act

Deduction under section 80C or 80D or any other kind of deduction or allowance is not applied to this income The basic exemption limit and income tax slab rate No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual

www.dhankesari..com_today lottery result Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The has income from lottery, racehorses, legal gambling etc has taxable capital gains ; has invested in unlisted equity shares; has