State lottery: Govt levies 30 pc tax from those winning small prizes

State lottery: Govt levies 30 pc tax from those winning small prizes what is the lottery tax Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home what are the poker chips worth Winnings from lottery are flat taxable at the rate of 30% under income tax act, 1961 · The basic exemption limit is not available in case of

what are the poker chips worth In the United States, the taxation of lottery winnings varies from state to state While some states impose taxes on lottery winnings, others do not

what is the tax on lottery winnings Overall, 27 states earmark some or all lottery revenue for education In , the lotto dollars go to a general fund; in Colorado, the funds go Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and