Won a lottery or prize money in India? Here's what you need to know
Won a lottery or prize money in India? Here's what you need to know
Although you don't have to pay taxes on your lottery winnings, there are a number of things to keep in mind once the money has been sent to you
Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %, 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
christiansborg slot åbningstider Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is
