What is the Tax for Lottery Winnings Prize in Kerala? TDS

why are lottery winnings taxed
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Even if an installment winner sells the future income stream to another party, the sales proceeds are considered ordinary income — not capital

According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated No Your lottery winnings are classified as ordinary income, and will be taxed by both the federal and state agencies at the appropriate rate

bee hive bonanza slot It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such income tax treatment of lottery prizes This guidance applies specifically The lottery prize payment is gambling winnings taxed as ordinary income