Dear friends
Prize winning from a singing competition is taxable at what rate?
Whether is it taxable at 30% under sec 194b or any other section?
Kindly clarify this doubt.. thanks..
2 Replies
Siddarth R Sunder Ram
(Finance Professional)
(230 Points)
Replied 26 June 2012
As per 194B,"the person responsible for paying to any person any income by wayof winnings from any lottery or crossword puzzle or card game and other game of any sort in an amount exceeding five thousand rupees"
A singing competition would ideally not fall within the definition of a "game", so TDS under Sec 194BB should not apply. Winnings from singing competition should be taxed as Income from Other sources and normal tax rates as per slabs would apply.
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 26 June 2012
Fab reply given above
but one more additon is that if the singer is a professional it is charged under PGBP orelse as a gift and under IOS ( limiting to 50,000/-).
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