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Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2011 tds on winning prizes if we won rs 5 crores from kbc then what is the tax treatment in ios head

Hari Beldona

Hari Beldona (Expert)

14 September 2011 Section 194B
Winnings from game shows like Kaun Banega Crorepati will be covered by this clause from 1 June 2001. Winnings before this date will not be subject to TDS; you will have to pay tax yourself.

Any person responsible for paying income on winning from lottery or
crossword puzzle shall deduct tax @ 30% plus surcharge plus education cess.
TDS is payable if the amount of winning exceeds Rs 5,000. Thus, no TDS on
payment of Rs 5,000 or less.

Tax treatment:

Tax.....30%----------= Rs 1,50,000

Education Cess 2%+
Secondary and Higher Education cess 1%
i.e., 3% on Rs 1,50,000....Rs 4,500

Total tax liability= Rs 1,54,500

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

14 September 2011 TDS is 30 % plus surcharge plus 2% Education cess and 1% Sch. Ed Cess

so it will be Rs. 1,54,50,000
On 5 crores

@hari sir calculated on 5 Lakhs ( Left Some Zero)

Abhishek Ranjan Singh
ARS Solution
email2ars@gmail.com
+91 9022838615

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2011 sir it means 5,00,00,000-1,54,50,000=3,45,50,000 we received this amt.
It is true that tds % affect from assessee income. if assessee earned less than rs. 10 lacs in a year then 30% otherwise 33% of tds.

CS Bijoy

CS Bijoy (Expert)

16 September 2011 Yes agreed with expert.

its not 33% its 30% than on the amount of 30% 3% will be charged. that means tax is 30% and 3% is calculated on tax amount not on whole amount.

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