Query

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Sneha (Utmani) Tilwani

Audit/acounts/taxation head

93 Points Joined September 2008

Hello Members and Respected Seniors,

I need to know price money received by a sports person in Common wealth games is Taxable or not if yes then under which head. Further if an indian receives award outside india will it be taxable in india? i know its a very basic question but i have confusion. plz help...

Replies (1)

nitin suvarna

C.A FINAL

828 Points Joined July 2010

the prize money recd will be taxable as professional income & for amt recd outside india it will be taxable for R & OR ,R &NOR(resident but not ordinary resident){ie. based on residential status}