Is there any tax on KBC winning amount?
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Is there any tax on KBC winning amount?
No deduction under section 80C or 80D or any other deduction/allowance is allowed from such income. The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. The entire amount received will be taxable at the flat rate of 31.20\%.
Is GST applicable on prize money?
Hence, going by the above ruling and in my opinion as per the explanation given above winning prize money or grants due to participation in an event does not amount to supply and hence will not be subject to GST.
Which company pays the highest tax in India?
Top Companies in India by Tax Paid – BSE
| Sr | Company | Tax |
|---|---|---|
| 1 | Reliance Add to Watchlist Add to Portfolio | -4,732.00 |
| 2 | TCS Add to Watchlist Add to Portfolio | 9,942.00 |
| 3 | HDFC Bank Add to Watchlist Add to Portfolio |
Is lottery money taxed?
The IRS considers net lottery winnings ordinary taxable income. So after subtracting the cost of your ticket, you will owe federal income taxes on what remains. How much exactly depends on your tax bracket, which is based on your winnings and other sources of income, so the IRS withholds only 25\%.
Is KBC tax deducted from your prize money?
Yes, you heard it right!! As per the income tax laws in India, the IT department deducts a flat 30.9\% from the prize you have won. And, it’s not specific to KBC, the tax is deducted from any prize money you win from any contest/quiz or lottery. Disheartened?
How is income from KBC taxed?
Income from KBC, TV Shows and online gaming forms part of the income from other sources and is taxable under the head Income from Other Sources.
What is the tax rate on winnings under section 115bb?
Under Section 115BB, a tax rate @ 30\% + Surcharge (if applicable) + 4\% Cess are charged on such income. Income from such winnings is liable to a flat rate of tax at 30\% without any basic exemption limit.
Is income from KBC TV shows and online gaming taxable?
‘Other game of any sort’ includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes. “Accordingly, income from KBC TV shows and online gaming is taxable as ‘income from other sources’ under Section 56 of the I-T Act.