Income Tax Rules On Winning Game Shows And Lotteries In India
Winning a lottery or a game show prize can be exciting, but it’s important to know that these winnings are taxable under the Income-tax Act, 1961. Popular shows, such as Kaun Banega Crorepati (KBC) offer huge prizes, but winners need to be aware that they won’t get the full amount as promised on the show because of the prevailing income tax rules.