How much tax has to be paid on lottery or game show prize money?

tax for lottery in india   Dan tax on lottery

A lottery is a form of gambling which involves selling numbered tickets and giving prizes to the holders of numbers drawn at random Lotteries are outlawed

Lottery winnings in India are subject to a flat 30% tax rate This means that if you won 20 crore, you would have to pay 6 crore as tax TDS Rates Applicable for Resident of India for FY 2024-25 ; Section 194B: Income by way of lottery winnings, card games,

tiki fire slot machine As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%