Mumbai: We often dream of waking up in the morning as a crorepati. But success isn’t that easy to achieve. But, what after achieving success? It’s even more paramount to use the money you earned in good effect.
Popular TV show Kaun Banega Crorepati has changed the lives of countless people. One of the all-time favorite television shows in India, ‘Kaun Banega Crorepati’ hosted by superstar Amitabh Bachchan continues to entertain viewers of all age groups. Sitting in front of megastar Amitabh Bachchan is everyone’s dream.
In this wonderful game, many people exercised their brain and they have managed to win crores of money by answering all the questions correctly. But do you know that even after winning 1 crore, the winner does not get to take the full amount home, that is, they has to pay a large part of his amount in the form of tax.
Let us tell you that if a contestant wins Rs 1 crore in KBC, then how much rupees he has to pay in tax and how much money he gets at the end.
Under section 194B of tax, if a contestant wins an amount of Rs 1 crore, then 30% tax will be levied on that amount i.e. 30 lakh rupees will be taxed. That is, he will have to pay 30 lakh in tax. Along with this, 10 percent surcharge will have to be given on 30 lakh tax, which is 3 lakh. Apart from this, 4lakh cess will be charged on 30 lakh which is 1.2 lakh. In total, out of the amount of 1 crore, the contestants will have to pay 34.2 lakh in tax only. After giving this amount in tax, he gets about 65 lakh rupees in his hand. He can take this amount home.
So, remember that a contestant who wins the full amount which can be up to Rs 7 crore also cannot take the entire amount home.
