What is Tax on Kerala Lottery Prize Money?

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In the US, lottery winnings are considered taxable income, so winners a subjected to an up-front federal tax on their winnings And, depending

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, Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

new year''s lottery 2024 Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 The levy of GST was on the face value of lottery tickets, including the prize money awarded to winners And, this has crippled the lottery industry by the