K.b.c

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Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2012 In Koun Banega Crorepati

If Candidates won Rs. 1 crore/- then what will be tax issue?

If K.B.C. Is not a Gambling?
Because in Gambling there is 50-50 chance to won. one person is losing and other will gain and this activity is dominated by some other person.

If K.B.C. IS not a Lottary?
In Lottary one person is invested Rs(i.e. Buy tickets) and gain.

If K.B.C Is not a Card Game?
Here Open Ended Question is asked to candidates.Not Playing Cards.

If K.B.C Is not a Cross Word Puzzle?
Here candidates have a option to use lifeline or use it in his Answer this is deemed as not a cross word puzzle.

If above situation is considered then KBC is liable to Deduct TDS?

As You can see MR.Amitabh Bachhan gives full amount of cheque that candidate won.

CA Ilayaraja

CA Ilayaraja (Expert)

09 September 2012 All winnings from Lottery or Games are taxed at flat rate of 30% & TDS is mandatory before Prize is handed over!

Read more at: https://www.caclubindia.com/forum/kbc-no-freedom-from-tax--174218.asp#.UEz8XCKJoaQ

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2012 Hi,

In Lottery cantidates have to buy lottery tickets 1st it may be Rs. 100, Rs. 1000 or may be for Rs. 100,000 so KBC is not eligible to come in Lottery.

U/s 194BB there are only two games 1 cross word, card game and race hources races.

THERE IS NO TAX IMPLICATION BY KBC, IT IS RIGHT TO GIVE FULL AMOUNT OF CHEQUE TO CANDIDATE section 194BB is not applicable to KBC.

Candidate who won Rs. 1crore show it in his return of income as income from other source and pay tax on it accordingly.

In book of KBC it will Shown As expense as REWARD PAID. because sec 194BB is not applicable to KBC.

CA Ilayaraja

CA Ilayaraja (Expert)

09 September 2012 please read the entire article through the link....

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