Taxes on Lottery Winnings Explained

Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games,

That cuts the winner's take home to $595,308,000 Gambling winnings are subject to mandatory federal withholding taxes, so your lump sum payment

what cards to play in poker The largest disadvantage of a lump sum payout is the high percentage of lottery winners who blow through their winnings in a few years The

what channel is lottery drawing on Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax