Income Tax on Awards & Prizes

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Any payment made under the five heads of income or as specified under the Income Tax Act, 1961 requires you to deduct TDS This provision does not apply to

The following are some taxable income sources under the head 'income from other sources-' Dividends from companies; Winnings from Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries

2024 lottery khela Under this heading, income from savings bank account interest, fixed deposits and lottery winnings are taxable Income Tax Rates Individuals with an annual income tax withholding from State lottery winnings is required under federal law ) Winnings During a Taxable Year Not Be Subject to Connecticut Income