How much tax will I pay on winning a Rs 10 Crore lottery in India?

lottery winning tax rate
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Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

Before the GST Council meeting on Friday, the lottery industry pitched for a single rate of 12 per cent and removal of tax on the prize money Currently only For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc Nonetheless there are some things

one million lottery Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37% So a good first step a lottery winner could take is According to federal and state laws, if you provide a social security number the Lottery withholds 28 percent from your prize winnings (24 percent federal; 4