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25 cr lottery tax

deltin33 5 hour(s) ago views 734

In India, lottery winnings above 25 crore rupees are subject to specific tax regulations under the Income Tax Act. The tax implications vary based on whether the lottery is organized by state governments or private entities.

State government lotteries typically deduct tax at source (TDS) at 30% for winnings exceeding 10,000 rupees, but for prizes above 25 crores, additional tax scrutiny may apply. Private lottery winnings are fully taxable under the head \“Income from Other Sources\“ and are added to the individual\“s total income, taxed as per the applicable slab rates.

It is essential for winners to declare such income in their tax returns and pay advance tax if applicable to avoid penalties. Consulting a tax advisor is recommended to navigate the complexities of lottery taxation in India.
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