![\"\"](\"https://www.googleapis.com/download/storage/v1/b/kaggle-user-content/o/inbox%2F252874%2Fb802a5cb5db0eb21ea431b8ae8f94d7a%2Farjun.jpg?generation=1580541411824219&alt=media\")
Suppose, a person A won $500,000 dollars how much money will go into his bank?\nAnd suppose personA makes a hypothetical team of 8 people, and then the money is divided. Will this increase the bank amount a little?\nI live in India, so there is no TAX on \"Prize money\" For international.\nWill still the money reduce even in the USA?\nI am just curious.
", "messages": [ { "id": "734195", "postDate": "02/01/2020 04:25:00", "content": "Suppose, a person A won $500,000 dollars how much money will go into his bank?\nAnd suppose personA makes a hypothetical team of 8 people, and then the money is divided. Will this increase the bank amount a little?\nI live in India, so there is no TAX on \"Prize money\" For international.\nWill still the money reduce even in the USA?\nI am just curious.
", "rawMarkdown": "Suppose, a person A won $500,000 dollars how much money will go into his bank?\nAnd suppose personA makes a hypothetical team of 8 people, and then the money is divided. Will this increase the bank amount a little?\nI live in India, so there is no TAX on \"Prize money\" *For international*.\nWill still the money reduce even in the USA?\nI am just curious.", "votes": null }, { "id": "734209", "postDate": "02/01/2020 05:03:40", "content": "In the USA, it strongly depends on your state. In Oregon, assuming your income from other sources was, say, 50K and you were single, I would guess that your effective tax rate would be approximately 41% or 205K. So you could keep almost 300K
", "rawMarkdown": "In the USA, it strongly depends on your state. In Oregon, assuming your income from other sources was, say, 50K and you were single, I would guess that your effective tax rate would be approximately 41% or 205K. So you could keep almost 300K", "votes": null }, { "id": "734262", "postDate": "02/01/2020 07:16:58", "content": "Not sure where you got that information. \nEven if it's right (which I highly doubt), you still have to declare it as part of your income. Then it gets taxed at whatever tax slab you fall in. With the increased scrutiny for Anti-Money laundering... I doubt you can get away with not declaring the prize money.
\n\n
Few lines from here\n However, if the competitions fall\noutside the scope of the Prize Competition Act,\nGaming Legislations and related state laws, such\ncompetitions will not be regulated under gaming\nlaws of India.
\n\nWhat the scope is?\nThe Prize Competition Act prohibits prize\ncompetition(s) in which the total value of the prize\nor prizes (whether in cash or otherwise) offered in\nany month exceeds one thousand rupees; and prize\ncompetition(s) where the number of entries exceed\ntwo thousand.
", "rawMarkdown": "Few lines from [here](http://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research%20Papers/Legal_Stakes_in_gaming.pdf)\n However, if the competitions fall\noutside the scope of the Prize Competition Act,\nGaming Legislations and related state laws, such\ncompetitions will not be regulated under gaming\nlaws of India.\n\nWhat the scope is?\nThe Prize Competition Act prohibits prize\ncompetition(s) in which the total value of the prize\nor prizes (whether in cash or otherwise) offered in\nany month exceeds one thousand rupees; and prize\ncompetition(s) where the number of entries exceed\ntwo thousand.", "votes": null }, { "id": "734696", "postDate": "02/01/2020 20:58:30", "content": "@computerguy - that's irrelevant.
\n\nHowever, I sincerely suggest that you concentrate on improving your models. Instead of ruminating on such questions.
\n\nGood luck for the competition.
", "rawMarkdown": "computerguy - that's irrelevant. \n\n- you have to declare your income. Even if you are a minor. \n- Tax is paid on the basis of your tax slab\n- the top prize is 50k USD \nConverting it to INR @71.5 gives you approx INR 35.75 lacs\nSince there are \" 8 members\" in your team. Your take home will be INR 4 46 lakhs. \nSince this falls below the minimum threshold of 5 lakhs, you don't pay any tax. I am assuming you don't have any other sources of income. \n\nHowever, I sincerely suggest that you concentrate on improving your models. Instead of ruminating on such questions.\n\nGood luck for the competition.", "votes": null }, { "id": "734807", "postDate": "02/02/2020 02:53:13", "content": "BTW - have you created this account simply for asking this question???\nI am a new Kaggler\nAnd it is 500K USD not 50K USD
", "rawMarkdown": "BTW - have you created this account simply for asking this question???\nI am a new Kaggler\nAnd it is 500K USD not 50K USD", "votes": null }, { "id": "734868", "postDate": "02/02/2020 05:38:06", "content": "There is a famous quotation \"Nothing is certain but death and taxes\".
\n\nIn India prize money is taxed at 30% + surcharge (larger amounts) + cess. If Kaggle does not fall under gaming legislations, then it will be taxed as regular income.
\n\nOnce the money reaches your bank account, it must be declared at the timing of filing taxes, or the IT scrutiny will issue a notice as well as late payment penalties.
", "rawMarkdown": "There is a famous quotation \"Nothing is certain but death and taxes\".\n\nIn India prize money **is taxed** at 30% + surcharge (larger amounts) + cess. If Kaggle does not fall under gaming legislations, then it will be taxed as regular income.\n\nOnce the money reaches your bank account, it **must be** declared at the timing of filing taxes, or the IT scrutiny will issue a notice as well as late payment penalties.", "votes": null } ], "comments": [ { "id": 734209, "author_name": "petewills", "author_url": "", "post_date": "02/01/2020 05:03:40", "content": "In the USA, it strongly depends on your state. In Oregon, assuming your income from other sources was, say, 50K and you were single, I would guess that your effective tax rate would be approximately 41% or 205K. So you could keep almost 300K
", "votes": null, "replies": [] }, { "id": 734262, "author_name": "skylord", "author_url": "", "post_date": "02/01/2020 07:16:58", "content": "Not sure where you got that information. \nEven if it's right (which I highly doubt), you still have to declare it as part of your income. Then it gets taxed at whatever tax slab you fall in. With the increased scrutiny for Anti-Money laundering... I doubt you can get away with not declaring the prize money.
\n\n
Few lines from here\n However, if the competitions fall\noutside the scope of the Prize Competition Act,\nGaming Legislations and related state laws, such\ncompetitions will not be regulated under gaming\nlaws of India.
\n\nWhat the scope is?\nThe Prize Competition Act prohibits prize\ncompetition(s) in which the total value of the prize\nor prizes (whether in cash or otherwise) offered in\nany month exceeds one thousand rupees; and prize\ncompetition(s) where the number of entries exceed\ntwo thousand.
", "votes": null, "replies": [ { "id": 734696, "author_name": "skylord", "author_url": "", "post_date": "02/01/2020 20:58:30", "content": "@computerguy - that's irrelevant.
\n\nHowever, I sincerely suggest that you concentrate on improving your models. Instead of ruminating on such questions.
\n\nGood luck for the competition.
", "votes": null, "replies": [] }, { "id": 734807, "author_name": "", "author_url": "", "post_date": "02/02/2020 02:53:13", "content": "BTW - have you created this account simply for asking this question???\nI am a new Kaggler\nAnd it is 500K USD not 50K USD
", "votes": null, "replies": [] } ] }, { "id": 734868, "author_name": "sirishks", "author_url": "", "post_date": "02/02/2020 05:38:06", "content": "There is a famous quotation \"Nothing is certain but death and taxes\".
\n\nIn India prize money is taxed at 30% + surcharge (larger amounts) + cess. If Kaggle does not fall under gaming legislations, then it will be taxed as regular income.
\n\nOnce the money reaches your bank account, it must be declared at the timing of filing taxes, or the IT scrutiny will issue a notice as well as late payment penalties.
", "votes": null, "replies": [] } ], "raw_markdown_by_id": { "734195": "Suppose, a person A won $500,000 dollars how much money will go into his bank?\nAnd suppose personA makes a hypothetical team of 8 people, and then the money is divided. Will this increase the bank amount a little?\nI live in India, so there is no TAX on \"Prize money\" *For international*.\nWill still the money reduce even in the USA?\nI am just curious.", "734209": "In the USA, it strongly depends on your state. In Oregon, assuming your income from other sources was, say, 50K and you were single, I would guess that your effective tax rate would be approximately 41% or 205K. So you could keep almost 300K", "734262": "Not sure where you got that information. \nEven if it's right (which I highly doubt), you still have to declare it as part of your income. Then it gets taxed at whatever tax slab you fall in. With the increased scrutiny for Anti-Money laundering... I doubt you can get away with not declaring the prize money. \n\n", "734284": "Few lines from [here](http://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research%20Papers/Legal_Stakes_in_gaming.pdf)\n However, if the competitions fall\noutside the scope of the Prize Competition Act,\nGaming Legislations and related state laws, such\ncompetitions will not be regulated under gaming\nlaws of India.\n\nWhat the scope is?\nThe Prize Competition Act prohibits prize\ncompetition(s) in which the total value of the prize\nor prizes (whether in cash or otherwise) offered in\nany month exceeds one thousand rupees; and prize\ncompetition(s) where the number of entries exceed\ntwo thousand.", "734696": "computerguy - that's irrelevant. \n\n- you have to declare your income. Even if you are a minor. \n- Tax is paid on the basis of your tax slab\n- the top prize is 50k USD \nConverting it to INR @71.5 gives you approx INR 35.75 lacs\nSince there are \" 8 members\" in your team. Your take home will be INR 4 46 lakhs. \nSince this falls below the minimum threshold of 5 lakhs, you don't pay any tax. I am assuming you don't have any other sources of income. \n\nHowever, I sincerely suggest that you concentrate on improving your models. Instead of ruminating on such questions.\n\nGood luck for the competition.", "734807": "BTW - have you created this account simply for asking this question???\nI am a new Kaggler\nAnd it is 500K USD not 50K USD", "734868": "There is a famous quotation \"Nothing is certain but death and taxes\".\n\nIn India prize money **is taxed** at 30% + surcharge (larger amounts) + cess. If Kaggle does not fall under gaming legislations, then it will be taxed as regular income.\n\nOnce the money reaches your bank account, it **must be** declared at the timing of filing taxes, or the IT scrutiny will issue a notice as well as late payment penalties." }, "source": "meta" }