Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act– which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has “added” baseball, fencing, handball, ice hockey, karate, kayaking and canoing, netball, sepak takraw, snooker, soft tennis, taekwondo, triathlon, skiing and ice skating (winter games) and wushu, to the list through an amendment notification earlier this month.
The list already has 36 games and sports since 2003 under it. “Sixteen new games have been added on the recommendation of the Indian Olympic Association (IOA).
These are the disciplines in the winter Olympic games and taxpayers making donations to these games will be deducted under section 80G of the Income Tax Act which allows deductions or tax benefits for charitable purposes,” sources said. The assessment of income to donations for the new included games will take place from assessment year 2010-11, they said.
It is indeed a fantastic step to enhance sporting activities in India. Question is how many sportspersons would b able to take real benefit. Or only institutions of political figures would keep on taking advantage.
All District Sports Associations in all categories, as well as the various other sports associations in the sub-divisional towns, and even in villages, should be made entitled to receive 100% tax exempt donations from public under the Income Tax Act. Then only it will be possible to raise funds to develop sports in the country. And there should be a ban on foreign visits by officers/persons totally unrelated to sports in the name of being members of Olympic/Commonwealth/SAARC etc. games delegations from India.
It is a good step, but hope the funds that are donated are utilised righteously. More over their should be proper and open accountability on the same.
This is really a good one. hope ti find a better players with more better facilities for them