CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 04 December 2020
suppose, I have yearly income below maximum limit. one day, I participate in kaun Banega crorepati and win 50lakhs.
my question is whether tds will be deducted on 50lakhs as my yearly income is below maximum limit
Aditi Kaur (Practising CA) 05 December 2020
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ATUL Y 04 December 2020
Income earned from winning KBC Game Show, Big Boss, Nach Baliye, India’s Got Talent, Fear Factor and other game shows is taxable at a flat rate of 30%. Over and above this income tax rate of 30%, Cess @ % would also be levied on this 30% tax and therefore the total tax rate on such winnings from Game Shows comes out to be 31.20%.
ayusmita (Tax consultant) 05 December 2020
Tds will directly cut from your winning prize
it's not related to your regular source of income
Shivam RC (Student) 05 December 2020
TDS @ 30% is deducted at the time of making payment incase of Winning from Lotteries, Crossword, Puzzle, or Card Game or Game of any sort.
Shivam RC (Student) 05 December 2020
I forgot to specify the Section of TDS Ma'am in my reply. It's deducted U/s 194B of the Income Tax Act 1961. Sorry...
CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 05 December 2020
It's okay...got it...thank you so much for your kind reply....but I have another question...if i win 160000 from KBC and my other income is 5000. will 30% be deducted as tds???
ayusmita (Tax consultant) 05 December 2020
TDS will deducted from the kbc winning prize @ 31.2% including cess
ayusmita (Tax consultant) 05 December 2020
If any winning price cross the amount of 10000 then tds will be cut @ 31.2% including cess
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