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Game show gains fall in I-T net

Game show gains fall in I-T net
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First Published: Sun, Oct 14 2007. 11 54 PM IST
Updated: Sun, Oct 14 2007. 11 54 PM IST
These days, big windfalls are common on television shows. But as they say, “If it’s too good to be true, it probably is.” The big award money that frequently flashes on your television screen is not the actual amount you get—the income-tax (I-T) guy deducts what is due before disbursing the prize money. Winnings from games are taxable under the head “income from other sources.”
The prize money is taxable at 30%, plus, the cess and surcharge amounts. Don’t think you can escape the tax net because you have already paid the tax deducted at source (TDS) on the winnings. The 30% tax is over and above TDS paid by you. In addition, deductions available under Section 80C are also not available to winnings from game shows. Any income, which is not chargeable under income from salary, from homestead property, business or profession, and capital gains, falls under “income from other sources”. It also includes interest on bank deposits, family pension, income from subletting homestead property by a tenant and interest on delayed refunds by the I-T department.
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First Published: Sun, Oct 14 2007. 11 54 PM IST