If I won a lottery of 20 crore, how much will I get after tax deduction
If I won a lottery of 20 crore, how much will I get after tax deduction
Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan
Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, 30% tax is applied to prizes and awards that have not received government approval The tax rate would also need to be increased by cess The
stars-120 As per section 194B of the income tax act, all the winnings over and above Rs 10,000 will be subject to a TDS of 30% With cess and surcharge, Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes
