Income Tax on Awards & Prizes

Tax On Winning Lottery, Game Shows & Online Gaming in India tax for winning lottery With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after taxes on $5 Lottery prize received 4,20,000 Dividend received on shares of winning @ 30% 1,80,000 Net Tax Liability 7,200 Illustration □ 28

tax on $1 million dollars lottery 10 lakh 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