Yes, such winnings are liable to a flat rate of tax at 30% without any basic exemption limit. If winningsis more than Rs. 10,000, the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.
myITreturn.com is India's leading Tax and Compliance solutions provider. Our solutions are used by over 3 million users and by ET & Fortune 500 companies.
Learn more about our products and services at the links given below:
For the latest news and insights on taxation, follow us on social media: