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

tax for lottery winnings
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As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount

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

tax for lottery winnings It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such

tax rate on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and