KBC 2020 Prize Money: Know The Exact Amount Contestant Takes Back Home After Paying Tax On Rs 50 Lakh

The winner of the quiz based show KBC doesn’t get the full prize money to take back since a substantial amount gets deducted in tax. Know the calculation here.

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Mumbai: One of the all time favourite televisions shows in India, 'Kaun Banega Crorepati' hosted by super star Amitabh Bachchan continues to entertain viewers of all age group. Even in its 12th season, the show has retained its popularity among viewers that audiences are still glued to their television sets. The show has managed to shape the dreams of a common man who got a chance to participate in the show. From sharing the screen space with Amitabh Bachchan to reaching the hot seat, several contestants went home winning an amount up to a crore in the show. The quiz based show was aired for the first time in 2000 and promised a prize money of winning Rs 1 crore. The prize money in the current season is Rs 7 crore. Did you know the take home money of a contestant winning a sum of Rs 50 lakh in the show? The winner doesn’t get the full amount since a substantial amount gets deducted in tax. The winner ends up paying Rs13.30 lakh as tax on the winning amount of Rs 50 lakh. Although the host mentions the money gets transferred to the account, but only after a handsome amount is deducted in tax. A contestant has to pay tax on the prize money. Suppose the prize money of the contestants is Rs 50 lakh, then 30 percent tax is levied i.e. Rs 12 lakh has to be paid as tax. At the same time, surcharge is 10 percent on tax, which is Rs 13,125 and cess on tax is 4 per cent which is Rs5,250. In total, if a contestant wins Rs 50 lakh in Kaun Banega Crorepati, then he has to pay a total of Rs 13.30 lakh as tax after which the contestant gets t o take home more than Rs35 lakh. So, remember that a contestant who wins the full amount which can be up to Rs 7 crore, he/she is unable to take the entire amount home. Does that stop you from reaching the hot seat? No! Keep trying your bests if you are aspiring for the show.