Lottery Taxation: The Income Tax Act has been in force since 1961. Even if you win money in the lottery, you have to pay tax to the government. You may often hear in various media that someone has won one crore taka in the lottery. Do you know how much tax can be deducted if you win a prize of one crore taka! The Income Tax Act has been in force since 1961. Even if you win money in the lottery, the government has to pay tax.
That amount of money is not very small. Tax has to be paid under Section 194B of 1961. TDS is deducted before the money is paid to the winner. 30% TDS is deducted on prize money of more than 10 thousand taka. After adding additional surcharges and cess, the TDS can be up to 31.2%. It is mandatory to pay this tax after receiving the prize on the lottery (dear lottery)ticket. In this case, many people take the help of a tax consultant. A few days ago, a lorry driver won 1.5 crore taka in Dream Eleven. He won this huge prize by arranging a team for just 49 taka. So far, many people have won money in the lottery. However, if you are addicted to buying lottery tickets, it can be difficult.