2024-12-21 06:06:00
As per the CBDT approval order issued under section 10(17A)(ii)of the Income Tax Act,any payment received in cash or in kind will be tax-free if the following conditions are met- If the payment is received from the Central or State government If payment is received as a reward. [Link] NEEDS_MORE_RATINGS(10-0-10) Author
2024-12-21 11:00:27
NNN- The automatic tax exemption law works for Olympic athletes. Gukesh is not one. So the exception had to be separately given. NEEDS_MORE_RATINGS(4-0-1) Author
2024-12-22 03:11:37
Automatic exemption is available for Olympics and asian games rewards. Gukesh won in FIDE world championship. So, it is discretionary waiver. NEEDS_MORE_RATINGS(1-0-0) Author
2024-12-22 11:24:11
NNN - just read the rule. the note itself says exemption applies for state or central govt issued awards. But it contradicts itself since Gukesh's award is issued by FIDE and not any government. [Link] NEEDS_MORE_RATINGS(0-0-1) Author