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While the sluggish performance of many Indian athletes at Rio may have left us disappointed, the Income Tax Department has certainly been on its toes this year—in peak form in fact. In the first...
The country is ecstatic with the glory of medals… but no offence, given that we live and breathe taxes, our minds immediately start calculating the actual amount of money that will be credited in the sportswomen’s bank accounts. We cannot help but grapple with questions such as, “Is there any tax deducted from such incomes?” or “Are these people liable for any special kind of tax?” or “Are these incomes exempt?” So let’s get an insight into what actually happens!