{"id":18544,"date":"2021-11-10T17:04:28","date_gmt":"2021-11-10T11:34:28","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=18544"},"modified":"2024-06-03T11:10:33","modified_gmt":"2024-06-03T05:40:33","slug":"taxability-of-rewards-given-to-olympic-participants","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/taxability-of-rewards-given-to-olympic-participants\/","title":{"rendered":"Taxability of Rewards given to Olympic Participants"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-18546 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants.png\" alt=\"Taxability of Rewards given to Olympic Participants\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/Taxability-of-Rewards-given-to-Olympic-Participants-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">We&#8217;ve all heard about India&#8217;s accomplishment at the 2020 Tokyo Olympic Games. Whether that was Neeraj Chopra&#8217;s gold or Mirabai Chanu&#8217;s silver or our women&#8217;s hockey team&#8217;s medal from afar, they have all made the nation pleased. Indeed, their triumphs have fuelled the desire of the players of our future generation to pursue sports as a vocation. This contributes to the development of an athletic ethos in society.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To honour their incredible hard work and difficulties, these medallists and other competitors received medals and trophies for their remarkable conquests and impressive feats as a gesture of honour, acknowledgement, and motivation. The federal and state governments, as well as business organisations and global brands, have announced generous awards that have piqued the public&#8217;s interest and elevated these medallists and other Olympians to the status of national heroes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the announcements of these awards have piqued the public&#8217;s curiosity and interest in learning more about the tax responsibility that sportspeople face in relation to the accolades they get, both in cash and in-kind, under the <a href=\"https:\/\/www.cagmc.com\/taxability-under-section-50c-of-the-income-tax-act-1961\/\">Income-tax Act of 1961<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To answer the question of whether cash and other awards offered to the medal and non-medal winners in our country are taxable, it could be divided into two categories:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Olympic medallists<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-medal winners in Olympic and other competitions\/ tournaments<\/span><\/li>\n<\/ul>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><strong>Table of Contents:<\/strong><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"##For Olympic\">For Olympic Medalists<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#For Participants\">For Participants<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#The Tax\">The Tax Implications of Awards<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Is an\">Is an Award an Income?<\/a><\/li>\n<li aria-level=\"1\"><a href=\"#Tax Liability\">Tax Liability of Indian sportsperson of Tokyo Olympics<\/a><\/li>\n<li id=\"For Olympic\"><a href=\"#Final\">Final Words<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>For Olympic Medalists<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Income-tax Act expressly excludes from taxation the incentives awarded by the Central Government and State Governments to medal winners at the Olympics, Asian Games, and Commonwealth Games under <\/span><b id=\"For Participants\">Section 10(17A)<\/b><span style=\"font-weight: 400;\"> of the Act. So, the Central Government and different State Governments such as Haryana, Rajasthan, and so on, announcing cash rewards worth crores of rupees to medal winners such as Mirabai Chanu, Neeraj Chopra, and so on, fall within the exemption clause of the Income-tax Act and are fully exempt from income tax. As a result, the full monetary prize, including rewards in kind, is not subject to the tax of these athletes.<\/span><\/p>\n<h2><b>For Participants<\/b><\/h2>\n<p><span id=\"The Tax\" style=\"font-weight: 400;\">The benefit of tax exemption is limited to gifts given by the Government of India and State legislature to the medalists only. Therefore, the gifts and grants granted by private institutions, local authorities and commercial brands are liable to tax. Hence, such is the case of Indian Women Hockey where despite losing their performance is applauded by granting various rewards. Hence, such rewards are taxable under Income Tax Act.\u00a0<\/span><\/p>\n<h2><b>The Tax Implications of Awards<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When it comes to rewards, if they are approved by the Government of India, they are tax-free. The taxability of rewards is determined by the purpose for the award, who gives the award, and whether the award was approved by the Central or State Government. If the award is made in the public interest and authorised by the government, it is exempt from taxation under Section 10 (17A) of the Income Tax Act. The Government of India maintains a list of prizes that are tax-free in the recipient&#8217;s hands. Among these honours are the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">National Awards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nobel Prize if it is notified by the Government under Section 10 (17A) of the Income Tax Act<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Awards are given by the Government to winners of Olympics, Asian Games, Commonwealth Games<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Arjuna Award<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bharat Ratna Award<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If, on the other hand, the award is not recognised by the Central or State Governments, or is made by an unauthorized organization, it becomes chargeable to the tax of the awardee under Section 56(2) of the Income Tax Act. The money earned as a result of the award would be reported as &#8216;income from other sources,&#8217; and it would be taxed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following are some common instances of taxable awards:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wisden Cricketer Award<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ICC Cricket Awards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Filmfare Awards<\/span><\/li>\n<li id=\"Is an\"><span style=\"font-weight: 400;\">Grammy Awards, etc.<\/span><\/li>\n<\/ul>\n<h2><b>Is an Award an Income?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">First and foremost, what exactly is an income? An income is a monetary reward for doing or refraining from doing something. And what exactly is an award?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An award is often a one-time donation made completely out of the generosity of the person making it. This is not an agreed-upon quantity of money in exchange for doing or not doing something (unlike gambling &amp; game shows, etc). As a result, a reward is a &#8216;<\/span><b id=\"Tax Liability\">Capital Receipt<\/b><span style=\"font-weight: 400;\">&#8216; rather than an income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The taxation requirements of India do not apply to capital receipts. As a result, it is neither taxable nor tax-free. In essence, a prize is not a source of revenue.<\/span><\/p>\n<h2><b id=\"Final\">Tax Liability of Indian sportsperson of Tokyo Olympics\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Only the rewards presented to the victors by the Central or State governments, as well as other government-approved agencies, appear to just be tax-free. However, not the others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, Neeraj Chopra would have to pay 30% tax on the SUV supplied to him by Anand Mahindra, unless Mr Mahindra further regards him by bearing such tax liability. Also, even if granted by the government, the awards awarded to the women&#8217;s hockey team are taxable (since they were not winners).<\/span><\/p>\n<h2><b>Final Words<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">India has much more possibilities than the entire world realises! It&#8217;s just that we don&#8217;t always have the correct type of motivation (which isn&#8217;t necessarily due to a lack of resources). We must provide the impetus that Indian sports so require. And this might result from acknowledging efforts rather than simply winners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rewards granted to all Olympic Games players, regardless of medal-winning status, should be tax-free under the <a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\" target=\"_blank\" rel=\"noopener\">Income-tax Act<\/a> so that our worthy athletic heroes, such as women hockey team members who lost out on a medal, may continue inspired. If the government wants to encourage sports as a source of income, it may issue a special tax-exempt status letter in favour of our sporting stars.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;ve all heard about India&#8217;s accomplishment at the 2020 Tokyo Olympic Games. Whether that was Neeraj Chopra&#8217;s gold or Mirabai [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":18546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taxability of Rewards given to Olympic Participants - CAGMC<\/title>\n<meta name=\"description\" content=\"Latest update on Taxability of Rewards given to Olympic Participants, For Participants, Tax Implications of Awards, Is an Award an Income?, etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cagmc.com\/blog\/taxability-of-rewards-given-to-olympic-participants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taxability of Rewards given to Olympic Participants - CAGMC\" \/>\n<meta property=\"og:description\" content=\"Latest update on Taxability of Rewards given to Olympic Participants, For Participants, Tax Implications of Awards, Is an Award an Income?, etc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cagmc.com\/blog\/taxability-of-rewards-given-to-olympic-participants\/\" \/>\n<meta property=\"og:site_name\" content=\"Goyal Mangal &amp; 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