How much tax does Kaun Banega Crorepati winners pay?

1) 30% income tax 2) 2% education cess 3) 1% secondary and higher secondary education cess

The Kaun Banega Crorepati (KBC) winners have to pay a flat tax of 30.9% on their prize money

In addition, a surcharge of 10% is applicable on the winning amount if the amount is more than Rs. 10 lakh.

For example, if a KBC winner wins Rs. 50 lakh, they will have to pay a tax of Rs. 15,45,000. This is calculated as follows: – Income tax = 30% of Rs. 50 lakh = Rs. 15 lakh – Education cess = 2% of Rs. 15 lakh = Rs. 30,000 – Secondary and higher secondary education cess = 1% of Rs. 15 lakh = Rs. 15,000 – Surcharge = 10% of Rs. (50 lakh - 10 lakh) = Rs. 4 lakh The total tax liability in this case is Rs. 15,45,000.

The tax on KBC winnings is payable in the financial year in which the winnings are received.

The winner is responsible for paying the tax, even if the prize money is paid by the KBC organizers.

The winner can claim a deduction for the tax paid on their KBC winnings in their income tax return.