Understanding Lottery Tax in India: Key Facts and Insights

The Indian Income Tax Department provides various income tax return Other sources: Income from various sources such as lottery winnings, horse

Understanding Lottery Tax in India: Key Facts and Insights Section 115BB in The Income Tax Act, 1961 115BB [ Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other

The Indian Income Tax Department provides various income tax return Other sources: Income from various sources such as lottery winnings, horse

taxes on $2 million dollars lottery winnings Tax on winning the lottery, puzzle, card games, betting, & horse races is % The winner can't claim deductions or expenses on such

Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %,

taxes taken out of lottery winnings 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

TDS Rates Applicable for Resident of India for FY 2024-25 ; Section 194B: Income by way of lottery winnings, card games,