January 28, 2014 9:27 PM

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Tax exemption for Olympics, CWG, Asian Games winners

Indian sportspersons who win medals at Olympics, Commonwealth and Asian Games will be exempted from paying Income Tax on cash or other rewards given by the government.An order in this regard has been issued by the Central Board of Direct Taxes-CBDT today. The order has come into force from today. Till now, medal-winning sportspersons who received any cash prize or gift from the government had to pay income tax.Achievers from other fields like winners of National Film Awards and Ramon Magsaysay awardees used to be exempted from paying any income tax.

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