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Q: Are lottery prizes subject to taxation? A: Effective August 13th 2018, lottery winnings are subject to taxation ; Q: What is the rate of tax? A: Ten percent

The Minister further stated that vide Finance Act 2023, the rate in force is 30% This also includes winnings in kind or partly in cash and Under the provision of section 194B of the IT Act, 1961 the TDS rate for any income earned by way of winnings from crossword puzzles, lotteries,

poker friends online You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize 2 Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000