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Gambling winnings tax refers to the legal obligation for individuals to report and pay taxes on income earned from gambling activities. In many jurisdictions, including India, gambling winnings are considered taxable income and must be reported on tax returns. The tax rate on gambling winnings can vary based on the amount won and local tax laws. Some countries have specific thresholds or exemptions for small gambling wins, while larger amounts may be subject to higher tax rates. It's essential for gamblers to keep accurate records of their wins and losses and consult with tax professionals to ensure compliance with tax regulations regarding gambling winnings.
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