How to declare prize bonds encashed in a tax return?

Question

I encashed a prize bond with a winning amount. Should it be declared in my income tax return?

Answer 1

Yes, you must declare the prize bond winning amount in your income tax return.
The tax on prize money is deducted at the source as a final tax.
Although the tax is already paid, you still need to report it under "Income from other sources" to ensure your income is correctly and legally accounted for. This is a mandatory step for all prize winnings.