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

taxes for lottery winnings   Dan taxes lottery

Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is Yes and no Technically, the answer is no The IRS taxes the money in the exact same manner, whether you take a lump sum payment or not Twenty-

neo slot Yes and no Technically, the answer is no The IRS taxes the money in the exact same manner, whether you take a lump sum payment or not Twenty- Florida, South Dakota, Texas, Washington, Tennessee, and Wyoming don't impose any income tax at all, so your winnings are safe here