I have received prize money worth Rs 3 lakhs by participating in a game show. Is this taxable?

The income received as prize money in a game show is considered as income from other sources and is tax at the rate of 30% flat. If the prize money is more than Rs.10,000/-, then TDS is applicable under section 194B at the rate of 31.2% (including the education and health cess of 4%).

Also, no deduction u/s sec 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 31.2%.

Therefore, of the 3 Lakhs earned, Rs.93,600/- is deducted and the remaining Rs.2,06,400/- will be given to you.

Leave a Reply

Your email address will not be published.