Govt grants tax exemption for ICC Champions trophy

Published: Saturday, August 6, 2005, 23:53 [IST]
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New Delhi:The Government has decided to amend the Income Tax Act, 1961 to give suitable tax exemption for income arising out of international sporting events, performing in India.

In lieu of this, it has been decided to grant income-tax exemption to ICC Development International Limited (IDI) in respect of payment of 42 million dollars 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.

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. Any revenue loss on 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. This information was given by Palanimanickam, Minister of State for Finance in reply to a question raised by Hansraj G. Ahir.

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