F&O Income May Face Lottery-Like Taxation in New Budget

lottery taxation
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Levy and collection of tax on lottery 60 per cent , of taxable turnover plus surcharge levied under section 15-1A or Rs 5,00,000, whichever is higher :

The tax is leviable not on the face value of the lottery tickets, but on the sales proceeds at first sale point less the prize amounts announced for the scheme  Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

play strip poker game The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a 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