The result of the Kerala Karunya Plus Lottery KN.575 is declared on Thursday, June 5. Ticket holders can check the full list of winners here. The first prize money is Rs 1 crore, and the minimum prize is Rs 50. However, the lottery winning amount falls under the category of 'income from other sources' of the IT Act, and accordingly, you will have to declare the winning prize in ITR forms.
Kerala Karunya Plus KN-575 Lottery Result Winners:
1. First prize money winner (Rs 1 crore): PB 387017
2. Second prize money winner (Rs 50 lakh): PH 310283
3. Third prize money winners (Rs 5 lakh): 01) PA 824776; 02) PB 607294; 03) PC 793170; 04) PD 311938; 05) PE 638588; 06) PF 251951; 07) PG 700956; 08) PH 262094; 09) PJ 106445; 10) PK 103299; 11) PL 465991; and 12) PM 758737.
4. Consolation prize winners (Rs 5000): PA 387017; PC 387017; PD 387017; PE 387017; PF 387017; PG 387017; PH 387017; PJ 387017; PK 387017; PL 387017; and PM 387017.
There are 9 lottery prizes in Kerala Karunya Plus lotteries including consolation prize money. In total, the lottery offers 6,54,505 prizes to winners. However, in case of 4th to 8th and the consolation prizes, approximately 10% of the total prize money (agent's commission) will be given from the fund allotted by the government.
On June 5th, the Karunya Plus lottery KN 575 Today Kerala lottery result will be drawn at 3:PM in the Gorky Bhavan Thiruvananthapuram. The official result will be published after 5:PM, once the draw is finalised. The cost of these tickets are Rs 50.
Kerala Lottery Prize Winner Tax and Agent Commission:
The Department of Lotteries' wide distribution network consists of more than 18000 agents and over 1,50,000 retailers. The guidelines for starting an agency or becoming an agent are very simple and that too without any substantial investment. Any Indian who is above the age of 18 can become a Kerala State Lotteries Agent. The first prize winner can take home 63 percent of the prize money, according to the data provided by the Directorate of Kerala State Lotteries via the Right To Information Act. While the agency commission is 10 percent of the prize money, the income tax would come up to 30 percent of the money after the agency commission is deducted. While the agency commission is 10 percent prize money, the income tax would come up to 30 percent of the money after the agent commissions are deducted, as per Kerala Lotteries Net report.
Kerala Lottery Income Tax Structure:
The fixed income tax rate is 30% on lottery wins under section 194B of Income Tax Act. The income tax rate further increases due to addition of health and education cess of 4%, which takes the total tax rate to 31.2%. Notably, there are also surcharges levied if the winning prize is over Rs 50 lakh.
So there is 10% surcharge imposed on winning amount between Rs 50 lakh to Rs 1 crore. The surcharge is increased to 50% on winning amount greater than Rs 1 crore.
Additionally, there is 31.2% tax deducted at source (TDS) levied if the winning amount exceeds Rs 10,000. If the lottery amount is rewarded in a mixture of cash and non-cash prize, then TDS will imply on the cash gains.
If you are a salaried individual, you can declare your lottery amount in the ITR forms as well.
Which ITR Form To File For Kerala Lottery?
It is ITR form 2 that is required to file for income tax return. According to India Filings report, here are the details to add in the ITR form 2:
- Income Details: Provide details of the lottery winnings under the head 'Income from winning from lotteries, crossword puzzles, races including horse races, card games, and other games of any sort or from gambling or betting of any form or nature whatsoever.'
- Gross Amount and TDS: Enter both the gross amount of winnings and the TDS amount in the specified fields to accurately reflect the total income and tax deducted.
Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2.