Table of Contents
- 1 What percentage of tax is deducted from KBC prize money?
- 2 What is the tax for 1 lakh in India?
- 3 Which transactions are reported to income tax?
- 4 Do the contestants in Kaun Banega Crorepati get the prize money?
- 5 What is the tax on home takeaway from KBC?
- 6 How much tax do I pay on prize money from gambling?
What percentage of tax is deducted from KBC prize money?
31.20\%
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\%.
What is the tax for 1 lakh in India?
Income tax calculator for FY2021-22
| Taxable income slabs | Income tax rates and cess |
|---|---|
| Up to Rs 5 lakh | Nil |
| Rs 5,00,001 to Rs 10,00,000 | 20\% of (Total income minus Rs 5,00,000) + 4\% cess |
| Rs 10,00,001 and above | Rs 1,00,000 + 30\% of (Total income minus Rs 10,00,000) + 4\% cess |
How much will I be taxed if I withdraw cash?
The payer will have to deduct TDS at the rate of 2\% on the cash payments/withdrawals of more than Rs 1 crore in a financial year under Section 194N. Thus, in the above example, TDS would be on Rs 50,000 at 2\% i.e. Rs 1,000.
Which transactions are reported to income tax?
High value transactions which can get you an income tax notice – Check full list
- Making high-value deposits in bank FDs.
- Making deposits in savings bank accounts.
- Paying credit card bills.
- Purchase or sale of an immovable property.
- Shares, mutual funds, debentures, and bonds related cash transactions.
Do the contestants in Kaun Banega Crorepati get the prize money?
Yes, the contestants in Kaun Banega Crorepati do get the prize money. But the prize money is not exactly the same as the contestant has won. Their is a lot of deduction after taxes. Yesterday, Binita Jain became the first contestant in KBC 10 to win crore rupees.
How much tax will I pay if I win 1 crore KBC?
If you win Rs. 1 crore in KBC then u will take home 69.10 lakhs i. e after deduction of TDS at the rate of 30.9\%. However this is not the whole tax which you will pay. While filing your income tax return you will mention such income as taxable in income from other sources.
What is the tax on home takeaway from KBC?
When u win a prize money of Rs.1 crore from KBC your home takeaway will be Rs.70 lacs after deduction of taxes i.e. tax deducted at source (TDS) of Rs.30 lacs (30\% on Rs. 1 crore) u/s 194B of income tax act. You are liable to pay 30\% flat on winning that results in 70 Lakhs in hand.
How much tax do I pay on prize money from gambling?
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This billion dollar startup is changing the way people retire. This Princeton grad’s startup raised $110 million. Its free tool can help you retire comfortably.