Winning from contest
This query is : Resolved
14 March 2015
SIR/MADAM,
MY CLIENT RECEIVED RS. 8000 FROM A MUSIC CONTEST. IS THERE ANY EXEMPTION ON THIS AMOUNT. AT WHAT RATE IT TAXBLE
MY CLIENT RECEIVED RS. 8000 FROM A MUSIC CONTEST. IS THERE ANY EXEMPTION ON THIS AMOUNT. AT WHAT RATE IT TAXBLE
14 March 2015
Taxable as per applicable Slab. No exemption.
14 March 2015
YOU MEANS IF THE ASSESSEE COMES UNDER 10% SLAB THEN IT TAXABLE AT 10% ONLY?
AT WHAT SECTION IT IS TAXABLE
AT WHAT SECTION IT IS TAXABLE
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.
Wait for views of other experts.
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.
Wait for views of other experts.
14 March 2015
exactly and completely agreed with that..... i had seen expert opinion on this... all are having same opinion...
14 March 2015
but if the said person is a professional singer... Sir i think than it wil b covered under pgbp na....!! What u say
14 March 2015
PGBP for professional singing. But for singing as amateur in competition will be taxable under IFOS.
In this case it is a small amount of Rs 8000/-, advisable to take it as Income from Other Sources and pay Tax as per applicable slab.
In this case it is a small amount of Rs 8000/-, advisable to take it as Income from Other Sources and pay Tax as per applicable slab.
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