Income Tax on Winning Lottery, Game Shows, Awards, and Prizes

income from winning of lottery is taxable under
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Any prize money received is taxable in the hands of the receiver under the head 'Income from Other Sources' Generally, the winner will receive the prize

Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

income tax slot The money earned from such game shows is taxable under the Head of Other sources Q- How much tax is paid for a 5 crore lottery? The entire

income tax on lottery As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of