How much tax has to be paid on game show prize money?
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.