tax on lottery in india
Section 194B of Income Tax
tax on lottery in india
website tax on lottery in india Lottery winnings are taxable in India under the Finance Act of 1986 and Income Tax Act at a flat 30% rate There is an extra percentage taxi 88 slot 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
tax on lottery in india lottery across India GST@12% is levied Differential tax rates for lottery run by State Governments and lottery authorized by State Though the valuation of lottery tickets will be done as per valuation rule 31A of CGST Rules, for output GST liability However, any item The government is reportedly planning to impose a higher income tax on F&O, treating it similarly to income from lotteries or cryptocurrencies
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