CBDT notifies specified income of ‘Federation Internationale de Football Association’ exempt u/s 10(39)
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- Last Updated on 2 December, 2022
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Notification No. 126/2022, dated 30-11-2022
Section 10(39) of the Income-tax Act provides that any specified income arising from a notified international sporting event held in India shall be exempt from tax. The assessee claiming exemption under this provision is required to fulfill the following conditions:
a) Such sport event is approved by the international body regulating the international sport relating to such event;
b) It has participation by more than two countries; and
c) It is notified by the Central Government.
The Central Board of Direct Taxes (CBDT) has notified the “Federation Internationale de Football Association’ organizing under-17 Women’s Football World Cup, 2022 as an international sporting event, the ‘Federation Internationale de Football’ as the person and its specified income eligible for exemption.
The specified income of the association, up to Rs. 12,50,00,000, arising from the receipt from the following National supporters shall be exempt under section 10(39):
a) Hero Motocorp Ltd.,
b) The Department of Tourism, Government of Odisha, the National Thermal Power Corporation Limited; and
c) The Power Grid Corporation of India Limited.
Click Here To Read The Full Notification
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