Special tax on lottery prizes and betting

lottery tax rate
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lottery tax rate The basic tax rate throughout India for lottery winnings is 30 percent The rate is specific for the taxation of lottery winnings The tax  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  Here are the states with the highest lottery tax rates (It is important to note that you will also pay federal taxes on your Powerball prize Generally, 24%

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