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How much tax has to be paid on game show prize money?
short by Krishna Veera Vanamali / on Tuesday, 10 October, 2017
The money received from winning lotteries, game shows, crossword puzzles, races including horse races, will attract tax at the rate of 30%, along with applicable cess and surcharge. The total tax on these winnings can be as high as 35.53%, depending on the income-tax slab. However, a cess of 3% of the tax is charged for all income groups.
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