1 lakh lottery tax in kerala
In Kerala, India, lottery tickets are a popular form of gambling and entertainment among locals. When a person wins 1 lakh rupees in a lottery, they are subject to taxation under Indian income tax laws. The tax on lottery winnings is considered as income from other sources and is taxable at the applicable slab rates. For Indian residents, if the total income including lottery winnings exceeds the basic exemption limit, tax must be paid. Additionally, a 30% tax deduction at source （TDS） is applicable on lottery winnings if the amount exceeds 10,000 rupees. It is important for winners to declare this income in their tax returns and pay any remaining tax after TDS. Kerala\“s lottery system is regulated by the state government, and winners should ensure compliance with tax regulations to avoid penalties.
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