How Taxes on Lottery Winnings Work

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taxes ; redeemable by annual drawings from 1922-56 ; callable as a whole after Lottery Loan of 1920 : Amount issued , K400,000,000 ; outstanding , K380

Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10000 and other winnings from games Federal Tax on Lottery Winnings · Federal withholding rate for gambling income: 24% · Federal income tax brackets for 2022: If income is $10,275

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