The IT department loves it when you win a lottery or when

If you won 1 crore rupees then you have to pay 30 lakhs as the tax and you get 70 lakhs in hand

The IT department loves it when you win a lottery or when Whether you take the prize as an annuity spread out over three decades or as an immediate, reduced lump sum, 24 percent of your win is withheld

If you won 1 crore rupees then you have to pay 30 lakhs as the tax and you get 70 lakhs in hand

if you won the lottery what would you do That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

You will have to pay a flat 30 per cent of the winning amount and there is no basic exemption limit So, if you have won Rs 1 crore in income

if i win the lottery where do i put the money Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,

Contact professional advisors to help plan for your lottery winnings The financial, tax, and legal issues that arise when you win a large prize can be