2024-12-13 16:47:19
When a professional person receives any reward/prize money from Government (Central/State) or on behalf of Government are not taxable according to Income Tax Act. Source : [Link] CURRENTLY_RATED_NOT_HELPFUL(1-0-3) Author
2024-12-13 18:27:14
NNN. The 11 crore prize money mentioned by OP is not provided by the government. It is from FIDE that organised the chess championship. The prize money won in a tournament is taxable in nature. So, the claim is not misleading. Understand taxes on prize money: [Link] NEEDS_MORE_RATINGS(2-0-0) Author