Won a lottery or prize money in India? Here's what you need to know

what is the taxes on lottery winnings
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Tax Band 2: Any portion of the prize exceeding Cop70,000 is subject to a tax rate of 20% Italy - There are seven tax bands Tax Band 1: Tax-free up to €100

Your winnings are considered taxable and are added to your ordinary income when taxes are calculated If your earnings are big enough, they can HM Revenue & Customs doesn't regard lottery winnings as income, so all prizes are tax-free

slot machine da bar lottery winnings * Letter Ruling 9616004 Estate of Paul C Gribauskas, 342 F 3d 85 Estate of Gladys J Cook, 2003-2 USTC ¶60,471 (5th Cir entity in determining your New York State income tax and any applicable city taxes The lottery prize payment is gambling winnings taxed as ordinary income