hi to all!
can anyone tell me that how the income from reality show is deal?
what is the rate of tax for it?
5 Replies
PRANAV MISHRA
(CA Final student)
(573 Points)
Replied 12 January 2009
Income to the participants in a reality show will be taxed under 'Income from other Sourses'.However income to the Sponsoror should be taxed under Business Head
Sameer Medhekar
(Student)
(4140 Points)
Replied 12 January 2009
Income of such type may go in the head other sources but it can be go in the head business profession also
Ex. Ashutosh winner of Rodies and Big boss
Mugdha
(Service)
(96 Points)
Replied 12 January 2009
Can the participation in competitions be termed as his profession?
Preetham S L
(CA Final Student)
(94 Points)
Replied 12 January 2009
Hi,
Income from reality shows is taxed under income from other sources. According to section 115BB, rate of tax to be deducted is flat 30%.
CA CS CIMA Prakash Somani
(Landmark Group)
(23507 Points)
Replied 12 January 2009
Ya, preetham, you are right!!!
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