How are Lottery winnings taxed?
How are Lottery winnings taxed?
The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab
He reported this payment on his tax return as ordinary income, but he changed his mind several years later and sought a refund of some $305,000, claiming that
lottery sambad 01_10_23 While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding
lottery sambad 309 23 Winning lottery does not invite taxes in UK directly however once the amount is submitted in bank as savings account, Income Tax is charged
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