https://www.taxtmi.com/acts?id=46294 A new provision allows assessees other than companies to deduct lottery winnings when computing total income. If the gross total income is at or below the lower income threshold or the winnings are at or below the lower winnings threshold, the whole winnings are deductible. Otherwise the deduction equals a specified base amount plus a percentage of the excess of winnings over the lower winnings threshold. en-us Wed, 18 Dec 2024 11:35:06 +0530 Wed, 18 Dec 2024 11:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46294 A new provision allows assessees other than companies to deduct lottery winnings when computing total income. If the gross total income is at or below the lower income threshold or the winnings are at or below the lower winnings threshold, the whole winnings are deductible. Otherwise the deduction equals a specified base amount plus a percentage of the excess of winnings over the lower winnings threshold. Act-Rules F. Acts / Amendment Acts Wed, 18 Dec 2024 11:35:06 +0530 https://www.taxtmi.com/acts?id=46294