Neeraj Chopra has brought glory to India by winning a gold medal at the Tokyo Olympics. Everyone in the country is proud of him for winning the gold medal at the Tokyo Olympics javelin throw. Which is why Neeraj is now in the news everywhere.
Many Bollywood stars, starting with Prime Minister Narendra Modi, have congratulated Neeraj on his victory. Neeraj, who hails from a small village in Panipat, Haryana, is now popular in every corner of the country.
Neeraj Chopra has been receiving awards since winning the gold medal at the 2020 Olympics.Many people wonder if the player has to pay taxes for the rewards he gets.How much tax do players have to pay for the prize money they receive?
Anand Jain, a chartered accountant, said that under Section 10 (17A) of the Income Tax Act, if the central and state governments give any award to any winning player, it will be tax-free.
The Central Board of Direct Taxes (CBDT) has ordered medalists at the 2014 Olympic Games, Commonwealth Games and Asian Games to be tax-free from prizes or items awarded by the central and state governments.
Anand Jain said only the central and state governments do not have to pay taxes on the awards. In addition, if the winner receives a prize from another place, he or she must pay taxes. As Anand Mahindra has announced to award the car to Neeraj Chopra. Neeraj has to pay 30% tax for this car.
Under the Income Tax Act, only award-winning players are tax-free. Other players, coaches, etc. have to pay taxes for the rewards they receive.
Neeraj Chopra Prize Money
1.The Haryana government has announced a Rs 6 crore reward for Neeraj Chopra.
2.The Punjab government has announced a reward of Rs 2 crore.
5.Chennai Super Kings, the IPL franchise, have announced Rs 1 crore.
6.Anand Mahindra has announced to pay for the XUV 700.
According to the law, if a person receives a prize of more than Rs 50,000, he has to pay tax. Sometimes you get a lot of gifts on many occasions a year that can cost more than 50,000.
In this case, if you receive more than 50,000 gifts while paying your tax return, you must provide information. Hiding this information from the Income Tax Department can lead to problems later.
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