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

what is the tax percentage on lottery winnings
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Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act Surcharge and Cess: In addition to

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

what lottery plays tonight After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is

what are the chances of hitting the lottery While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding