If I won a lottery of 20 crore, how much will I get after tax deduction
If I won a lottery of 20 crore, how much will I get after tax deduction
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You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive
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 Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate
poker table background Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk How to Calculate the Deduction of TDS in Section 194B For IRS purposes, winnings from lotteries and game shows are counted separately from your other income
