Won a lottery or prize money in India? Here's what you need to know

The government is reportedly planning to impose a higher income tax on F&O, treating it similarly to income from lotteries or

The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on

lottery keno winning numbers Taxpayers who fail to keep or retain accounts, statements or records required for fulfilling the tax obligations under the Gambling Duties Act

lottery tds rate Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,