Lottery-like taxation: Fear grips F&O traders as 30% tax likely on

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These are taxed at normal income tax rates Income from winning from lotteries, crossword puzzles, etc , is taxed at a specified tax rate You

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to Under sub-section of section 50 of the Income Tax Ordinance, 1979 tax is to be deductedcollected at source on prize on prize bonds and winnings from a

poker real money india winnings from lottery; Activity of owning and maintaining race horses; Income taxable at special rates under section 115BBDA or section 115BBE;  For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc Nonetheless there are some things