|
In India, winning a 1 crore lottery is an exciting event, but it\“s important to understand the tax implications. According to Indian tax laws, lottery winnings are considered income from other sources and are subject to tax under Section 115BB of the Income Tax Act. Typically, a flat tax rate of 30% is applied to such winnings, plus applicable cess and surcharges, which can bring the total tax liability to around 31.2%. For a 1 crore prize, this means you might pay approximately 31.2 lakhs in taxes, leaving you with about 68.8 lakhs after tax. It\“s crucial to declare this income in your tax return to avoid penalties. Many Indians use local financial advisors or online calculators to estimate their net winnings accurately. |
