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The Union Cabinet today gave its approval for amending section 10 of the Income-tax Act, 1961 so as to exempt income of both residents and non-residents arising from any international sporting event conducted in India, approved by the recognised international body responsible for regulating the relevant sport and having multinational participation. The Central Government will have the powers to notify the international sporting event, the beneficiaries of the exemption and the proportion and category of income that would enjoy such exemption. The Cabinet also gave its approval for communicating the decision to ICC as a decision regarding finalisation of the contract was required to be taken before May 31, 2005.
A decision to provide tax exemption to international sporting events would result in awarding right to host the Champions Trophy, 2006 to India and also subsequent international sporting events. It will not only promote sports but will also result in revenue gain from various sources, specially tourism.
RK:DS:LV
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