Lottery Winnings FAQs

Lottery Winnings FAQs lottery tax deduction You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize lottery sambad 3_2_24 Any guesses on how much tax you have to pay? Photo: AFP · Now, the laws also say that tax can be deducted only if such lottery income is greater

lottery sambad 3_2_24 The winnings are subject to a flat tax rate of 30% without any deductions The tax is usually deducted at

lottery annuity However, under section 194B of the Income-tax Act, the payer has to apply tax deduction at source before This includes expenditure on medicines, hospitalization charges, fees paid to doctors, etc However, there is no deduction for lottery winnings