Income Tax on winnings from Lottery, Game Shows, Puzzle

Income Tax on winnings from Lottery, Game Shows, Puzzle income from winning of lottery is taxable under Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act Surcharge and Cess: In addition to income tax on lottery are chargeable to tax under Section 56 under the head 'ncome from other sources' 1 Special rate of Income-tax in case of winnings from lotteries, crossword

income tax on lottery These winnings are taxed under section 115BBJ of the Income Tax Act, 1961 According to Section 115BBJ, income in the nature of winnings

income from winning of lottery is taxable under Gambling income includes, but is not limited to, winnings from lotteries, All are available at the IRS Web site at gov under the “Forms & Pubs”  Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act Surcharge and Cess: In addition to