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Cricket World Cup Gets Rs.45 Crore Tax Relief

  •   Thu, Mar 31 2011 07:38:20 PM

New Delhi, March 31 (IANS): The International Cricket Council (ICC) has landed a Rs.45 crore ($10 million) bonanza with the Indian cabinet Thursday exempting the income earned during the World Cup from tax.

At a meeting presided over by Prime Minister Manmohan Singh, the cabinet approved the finance ministry's proposal to exempt the 2011 World Cup from income tax.

"The financial implication will be nearly Rs.45 crore," the finance ministry said in a statement.

The cabinet had approved a proposal in 2005 to amend the Income Tax Act, 1961, to exempt the income of both residents and non-residents arising from an international sporting event conducted in India.

 


 
  

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Comment on this article

  • Arun, Vellore

    Thu, Mar 31 2011

    Our goverment doing wrong things, All these money is our fans money why the hell they need tax relief, for individual one rupee they won't allow like this

    DisAgree Agree Reply Report Abuse


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