Taxes on Lottery & Gambling Winnings: What You Need to Know

TDS and Income Tax rates on winnings from Lottery and Game Shows income from winning of lottery is taxable under Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act Surcharge and Cess: In addition to income from winning of lottery is taxable under Total prize after federal income tax = $585,900,000 TurboTax Tip: TurboTax Tip: If you join a lottery ticket-buying pool and win, you'll be

income from lottery When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue