How Taxes on Lottery Winnings Work

lottery winning tax rate   Dan lottery game store

TDS rate is 30% There won't be a fee and a health and education cess added TDS will therefore be deducted at standard rates

whether the differential tax rates are applied to take a stand on violations of the Lottery Regulation Rules by the fraudulent State 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

diamond link slot 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 The overall tax rate on earnings now becomes % If the total amount won exceeds Rs 10 lakhs, a further 10% surcharge is also applicable To