Talking about tax: Neeraj Chopra will have to pay 30% tax on the prizes received for winning the gold medal in the Olympics, know the rules related to it here


Posted on 11th Aug 2021 03:07 pm by rohit kumar

After winning the gold medal in the Olympics, it is raining prizes on Neeraj Chopra. Some are giving them a cash gift and some are giving them a car reward. In such a situation, the question in the minds of many people is whether the players will have to pay tax on the prizes they have got. In such a situation, we are telling you that how much tax will they have to pay on the prizes that the players have got.

 

The rewards received by the central and state government remain tax-free.

 

Chartered Accountant Anand Jain explains that under section 10(17A) of the Income Tax Act, if the central and state governments give any kind of reward to a winning player, then it will be completely tax-free. In 2014, the Central Board of Direct Taxes (CBDT) had passed an order to make tax-free cash or goods received by the central or state governments as prizes for medal winners in the Olympic Games, Common Wealth Games, and Asian Games.

 

Tax will have to be paid on other rewards

 

Anand Jain says that only the reward received from the central or state government is not taxed. Apart from this, if the winner gets any reward from somewhere, then tax will have to be paid on it. Like Anand Mahindra has announced to give a car reward to Neeraj Chopra. Neeraj Chopra will have to pay 30% tax on this car.

 

Only the winning players get the reward tax free

 

As per the provision of income tax, only the prizes received by the winning players are tax-free. There is a provision of tax on the reward received by other players, coaches, etc. For example, the tax will have to be paid on the prize money given by the Haryana government to nine members of the women's team.

 

Where did Neeraj get the reward of how much?

 

For winning the gold medal in the Olympics, the Haryana government announced a cash reward of Rs 6 crore.

 

The Punjab government has announced a cash reward of Rs 2 crore to Neeraj Chopra.

 

The Railways has announced a grant of Rs 3 crore and the Manipur government Rs 1 crore.

 

The BCCI has also announced a reward of Rs 1 crore to Neeraj Chopra for winning the gold medal in the Olympics.

 

IPL franchise Chennai Super Kings has also announced a grant of Rs 1 crore to Neeraj Chopra.

 

Mahindra Group Chairman Anand Mahindra has said that the XUV700 will be awarded to Neeraj.

 

The Indian Olympic Association has also announced a reward of Rs 75 lakh for Neeraj Chopra.

 

The tax has to be paid on gift or reward of more than 50 thousand

 

Under the current rules, if you receive a gift worth more than Rs 50,000, then you will have to pay tax on it. Sometimes you get a gift on many occasions in a year and its total value may be more than 50 thousand rupees. In such a situation, you should keep this in mind while filing an income tax return. You will have to give information about gifts above Rs 50,000 in income tax. If you hide this information from the Income Tax Department, you may face difficulties later.

1 Like 0 Dislike
Previous news Next news
Other news

Ajinkya Rahane out of IPL 2022, difficult to return to England tour - Report

Ajinkya Rahane Ruled out IPL 2022: By the end of IPL 2022, Kolkata Knight Riders have suffered an

Anurag Kashyap: Because of this, Anurag Kashyap is unable to work with Shahrukh-Salman, said- his fans...

Anurag Kashyap started his career as a director in the year 2003 with the film 'Paanch'. From the

Covid-19: Corona increased tension, number of active patients crossed 1.45 lakh, more than 20 thousand new cases

The increase in the number of active corona patients in the country has once again raised the con

UNGA: PM Modi can address the United Nations General Assembly again after three years, knowing the full program

Prime Minister Narendra Modi may address the high-level session of the United Nations General Ass

Kallakuruchi poisonous liquor tragedy: AIADMK MLA sits on hunger strike, demands CBI inquiry from Stalin government

Unnat DMK leaders in Tamil Nadu condemned the state government DMK over the Kallakuruchi poisonou

Air India: The command of Air India will be handed over to Tata by the end of this week, know the complete details of the acquisition

The time has finally come to hand over Air India to the Tatas. A report quoting senior officials

Make in India: The production sector increased by 4.6 times in two years, new orders and investment played an important role in the growth

The country's manufacturing sector is recovering rapidly based on Make in India amid the worsenin

Moharram: Historic day for Jammu and Kashmir, Muharram procession was taken out for the first time in 34 years; Why was there a ban till now?

Yesterday was a historic day in Jammu and Kashmir. After three decades of the ban, a Muharram pro

Maha Kumbh 2025: 24x7 treatment will be available at railway stations, heart disease and diabetes patients will get these facilities

The final preparations for the Prayagraj Mahakumbh to be held in Uttar Pradesh are in full swing.

Cyclone Michaung: Central government in action mode regarding 'Cyclone Michaung', PM Modi gave this message while alerting the countrymen

The central government is in action mode regarding Cyclone Michong. Prime Minister Narendra Modi

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash