Raskar & Co. - Taxation Consultants & Auditors

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Checkmate ♟️: Gukesh D. to be taxed 42% on winning prize. 🏆 Gukesh D is reported to have won approximately Rs11.34 crore...
19/12/2024

Checkmate ♟️: Gukesh D. to be taxed 42% on winning prize. 🏆

Gukesh D is reported to have won approximately Rs11.34 crores as prize money. However, winnings from competitions, sports, and lotteries in India are taxed at a flat 30%, with additional surcharges and cess applied for high-income earners.

Here’s the breakdown:
- 30% tax on winning prize
- 37% surcharge on the tax because his total income exceeds Rs5 crores.
- 4% health and education cess on the total tax liability.

This results in an effective tax rate of around 42% on Gukesh’s prize winnings due to the combined impact of the surcharge and cess.

In addition, Tamil Nadu Chief Minister M.K. Stalin has announced a cash prize of Rs5 crores for Gukesh in recognition of his historic achievement.

Fortunately, under Section 10(17A) of the Income Tax Act, any award granted by the state or central government for an individual’s accomplishments is fully exempt from income tax.

This exemption ensures that the Rs5 crore award from the Tamil Nadu government will not be subject to taxation.

Update: It is assumed that Gukesh is under the old tax regime, if Gukesh picks the new tax regime the surcharge he would have to pay is limited to 25% instead of 37%.

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07/11/2024

New and Old Tax Regime Slabs FY 2024-25.
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