How much tax has to be paid on lottery or game show prize money?

winning from lottery is taxable under which head of income
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14 Heads of income 14A Expenditure incurred in relation to income not includible in total income A —Salaries 15

Everyone wants to win a lottery and live life happily ever after But Taxation of Lottery was done under two tax brackets 12% and 28% Goods and It's also important to note that just like income tax, prize money must be claimed on your tax return, and winnings must be noted on IRS Form 1099-MISC the year

big bass slot games Section 56- Table Incomes under 'Income from Other Sources' Here's a list of taxable income under the head “Income from other sources”:  It is not counted as casual income when winning is the result of ability and effort Lottery held as stock in trade shall be taxed under