Exemption for rewards by Central Government or State Government to medal winners of Olympic Games or Common Wealth Games or Asian Games under clause (17A) of section 10 of the Income Tax Act 1961 (43 of 1961).
F.No.199/03/2013-ITA.1
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
New Delhi, the 28th January, 2014
ORDER
In pursuance of the powers conferred by sub-clause (ii) of clause (17A) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby approves any payment made, whether in cash or in kind, as a reward by the Central Government or a State Government to the medal winners of the Olympic Games or Common Wealth Games or Asian Games with effect from the date of this order.
(Deepshikha Sharma)
Deputy Secretary to Government of India
This approval is with effect from 28.01.14, but what about the Rewards received by a sportsman before this date ie. Common Wealth Games 2010 and Olympic 2012. Will they still be taxable, and if assessment already completed for those Rewards, will the cases be reopened and taxed. If this is the state of affairs, this is not fair for such Rewardees of prior to this date. This notification is not is damaging for the sports fraternity and hence required to be amended or it could be a fit case for PIL.