Picture went out and there is a blinking red light near the power button

SOURCE: Picture went off then Red light blinks all the time

Not an easy fix....requires chassis pull, careful soldering and
replacement of parts and fuses.....would you like step-by-step?
........................T.

SOURCE: red light blinking on power

this all problem may exist in your tv
1. High voltage problem/ deflection circuit problem.
2. Shorted picture tubes.
3. Problem in the vertical deflection circuit.
4. Problem in the audio ouput circuit.
5. Problem in the convergence circuit.
6. Problem in the power supply regulation.
7. Problem in the portect circuit.
8. The common high voltage arcing that Toshiba sets do at the picture tube.
so for getting pictures gently tap on the side of tv if it works then there may be some loose connection you can fix it by soldering

SOURCE: red power light continuously blinking. no picture no sound.

It could be the lamp went out and needs replacement. The Toshiba website states when this happens to unplug the televison for 10 minutes then plug back in. If that does not work then try another power outlet. If that does not work then call for service