In accordance with the provisions of Section 10 of the Income Tax Act, 1961, while computing the Total Income of any person of any previous year, any income covering under the clause of Sec 10 shall not be included i.e. income shall be exempt.
There are various clauses specified under Sec 10 of the Income tax Act, 1961 which are not taxable subject to the fulfilment of conditions provided under the said clauses.
One of the clause specified under the said Act is as follows:
Sec 10(39) of the Income tax Act
According to Sec 10(39) of the Income tax Act,
“any specified income, arising from any international sporting event held in India, to the person or persons notified by the Central Government in the Official Gazette,”
Explanation-Any specified income arising to any specified category of person as notified by the Central Government in the Official gazette from carrying out any specified activity which is approved by the prescribed Authority subject to fulfilment of certain conditions provided therein shall not be included while computing the Total Income of the specified person i.e. shall be exempt from Income tax.
For the purpose of this Act,
Category of person- person or persons notified by the Central Government in the Official Gazette
Nature of Activity- Any International sporting event held in India, if such international sporting event is:
- approved by the international body regulating the international sport relating to such event;
- has participation by more than two countries;
- is notified by the Central Government in the Official Gazette for the purposes of this clause.
Specified Income- the specified income” means the income, of the nature and to the extent, arising from the international sporting event, which the Central Government may notify in this behalf;
INTRODUCTION OF NOTIFICATION NO. 126/2022/F. No. 200/8/2022-ITA-I DATED 30TH NOVEMBER, 2022
This Notification is inserted by the Central Government vide Notification No. 126/2022/F. No. 200/8/2022-ITA-I DATED 30TH NOVEMBER, 2022 , wherein the Central Government has notified the following as the ‘international sporting event, persons and specified income for the purposes of the said clause (39) of Section 10 of the Income tax Act, 1961.
Under the said Notification , the Central Government has come up with the following:
- “Federation Internationale de Football Association Under-17 Women’s World Cup, 2022” as the international sporting event;
(“The 2022 FIFA U-17 Women’s World Cup” was the 7th edition of the FIFA U-17 Women’s World Cup, the multinational–international women’s youth football championship, contested by the under-17 national teams of the member associations of FIFA, It is organized by Fédération Internationale de Football Association (FIFA).
The Federation chose India as the host country for the first time after the successful tournament of the under-17 Men’s World Cup, which was hosted by India as well.
India was the host country along with Morocco and Tanzania. The FIFA Under-17 Women’s World cup is scheduled from 11th October to 30th October 2022)
- The Federation Internationale de Football Association, as the person;
- Income arising from the receipts from National supporters namely; Hero Motocorp Ltd., the Department of Tourism, Government of Odisha, the National Thermal Power Corporation Limited and the Power Grid Corporation of India Limited – rupees twelve crores and fifty lakhs only (Rs. 12,50,00,000/-) as specified income arising to Federation Internationale de Football Association, from organising the Federation Internationale de Football Association, Under-17 Women’s Football World Cup, 2022 in India.
Explanation:
Considering the provisions of Sec 10(39) of the Income Tax Act,
- “Here The Federation Internationale de Football Association” is the category of person
- “Federation Internationale de Football Association Under-17 Women’s World Cup, 2022” was notified as International sporting event , such event which satisfied the three conditions laid down by section 10(39) of the Act i..e
- approved by the international body regulating the international sport relating to such event i.e. FIFA
- has participation more than two countries i.e Morocco and Tanzania
- Notified by the Central Government in the official gazette.
Author Bio
Thanks for updating.