Here is the Detail About How Much Tax Is Deducted From Kaun Banega Crorepati? it’s all about KBC Tax.
It has been one of the most popular shows on television in India for a long time, hosted by superstar Amitabh Bachchan. The show has kept its popularity in its 12th season and audiences are still glued to their television sets.
A common man’s dreams were shaped by the show, which has managed to make them a reality. From sharing the screen space with Amitabh Bachchan to reaching the hot seat, several contestants went home winning an amount up to a crore in the show.
First airing in 2000, the quiz show offered a prize of Rs 1 crore. The current season’s prize money is Rs 7 crore. A substantial amount gets deducted in taxes. On the winning amount of Rs 50 lakh, the winner ends up paying Rs 13.30 lakh as tax.
How much would that person take home?
It is estimated that 30 percent of the prize money will be taxed, i.e. Rs 12 lakh will be taxed on the prize money of Rs 50 lakh.
Additionally, there is a ten percent surcharge on the tax, which is 13,125 rupees, as well as a four percent cess of 5,250 rupees. As a result, a contestant that wins Rs 50 lakh will have to pay a total of Rs 13.30 lakh as tax, after which he or she will receive more than Rs 35 lakh as take-home income.
This is still a decent sum of money. For this reason, even if a contestant manages to crack the jackpot of Rs 7 crore, he might only walk away with less than 5 crores for getting it all right in the hot seat.
After a long day’s work, this is not too bad a result. Now let’s go into the hot seat, which is the place called “sawaal dus crore ka”
What is the tax on 1 crore?
Residents are subject to surcharges
|Taxable Income (Annual)||Rates of applicable surcharges|
|Amounts between Rs. 50 lakh and Rs. 1 crore||10%|
|Amounts between Rs. 1 crore and Rs. 2 crore||15%|
|Between Rs. 2 crores and Rs. 5 crores||25%|
|Rs. 5 Crore and above||37%|
Is KBC income taxable?
In light of this, income from KBC TV shows and online gaming is taxable according to Section 56 of the Income Tax Act as ‘income from other sources. Sudhakar Sethuraman, Partner, Deloitte India, says that such income is taxable at a flat rate of 30% plus applicable surcharges and cess, as per Section 115BB.
Do KBC contestants get full money?
As a result, today’s game shows are offering prizes like never before. Before, the winner made his or her money and had to pay taxes later on. But KBC changed all that – the revenue department realized that a lot of money could be made in that area, and charged taxes at the source.
Can we withdraw 1 crore bank?
An individual is not limited to withdrawing Rs 1 crore from a bank or post office account, but rather to withdrawing Rs 3 crore from each bank. For example, a person with three bank accounts with three different banks may withdraw cash of Rs 1 crore * 3 banks, i.e. Rs 3 crore without any TDS.
Is TDS deducted from KBC prize money?
Income from lotteries or game shows is subject to TDS
In the case of prizes above Rs 10,000, the winner will receive the prize money after TDS at 31.2% u/s 194B has been deducted. The winner will receive the prize money regardless of whether the prize money is taxable.