Lottery-like taxation: Fear grips F&O traders as 30% tax likely on

Income Tax on Awards & Prizes tax rate on lottery winnings As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of taxact lottery calculator US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

taxes taken out of lottery winnings You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize