Smart tax strategies for lottery winners - Tax Insider

Smart tax strategies for lottery winners - Tax Insider lottery tax rate Under the provision of section 194B of the IT Act, 1961 the TDS rate for any income earned by way of winnings from crossword puzzles, lotteries, lottery sambad 12 04 24 The Minister further stated that vide Finance Act 2023, the rate in force is 30% This also includes winnings in kind or partly in cash and

lottery sambad 12 04 24 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% tax on lottery

lottery sambad 2 7 2023 For 2023, the 37% rate applies to taxable income of $578,126 or more Some states have no income tax or don't tax lottery winnings In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal