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of <h1>Lottery and Gambling Winnings Face Flat 30% Tax, with Online Game Winnings Exempted from April 2024</h1> Statutory provision imposes a 30% tax on income derived from winnings through lotteries, crossword puzzles, races, card games, gambling, or betting. The tax calculation involves two components: a flat 30% tax on winnings and additional tax on the remaining total income. A recent amendment excludes online game winnings from this provision starting April 1, 2024. The section provides specific definitions for horse race and clarifies the taxation approach for such income sources.
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