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Lok Sabha
The Government has decided to amend the Income Tax Act, 1961 to give a suitable tax exemption for income arising out of international sporting events, conducted in India, approved by the international body set up to regulate the relevant sport, having multination participation. The exemption shall be available upon notification by the Central Government of the international sporting event, the beneficiaries and the category and proportion of income to be exempted.
It has been decided to grant income-tax exemption to ICC Development International Limited (IDI) in respect of payment of US$ 42 million received by IDI from the Global Cricket council (GCC) on account of sale of media and sponsorship rights for the ICC Champions Trophy, 2006 to be held in India.
Any revenue loss on account of this exemption is likely to be offset by revenue gain from various sources, especially tourism, because of holding of this prestigious international event in India.
Shri Palanimanickam, Minister of State for Finance gave this information in reply to a question raised by Shri Hansraj G. Ahir.
BSC/BY/GN-288/05
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