https://www.taxtmi.com/article/detailed?id=13272 Winnings from long term, skill based participation in a television quiz should be treated as income from a vocation, not chance based prize money. The total reward represents realisation of accumulated earnings from efforts over many years and may be allocated across relevant periods; expenses and actual remuneration to teammates who contributed are allowable outgoings. Classification should therefore determine taxable income of the previous year rather than automatic taxation as lottery type winnings. en-us Wed, 01 Jan 2025 15:47:20 +0530 Wed, 01 Jan 2025 15:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13272 Winnings from long term, skill based participation in a television quiz should be treated as income from a vocation, not chance based prize money. The total reward represents realisation of accumulated earnings from efforts over many years and may be allocated across relevant periods; expenses and actual remuneration to teammates who contributed are allowable outgoings. Classification should therefore determine taxable income of the previous year rather than automatic taxation as lottery type winnings. Articles Income Tax Wed, 01 Jan 2025 15:47:20 +0530 https://www.taxtmi.com/article/detailed?id=13272