14 March 2015
Yes. It should be taxable under the head Income From Other Sources.
One school of thought is that it should be taxable @ 30% u/s 115BB.
But Section 115BB is "Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever."
Winning prize money from Singing competition will not fall under section 115BB and therefore in my view it should be table as per applicable slab under Income from Other Sources.
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