Income Tax exemption for oscAR Rahman – PC
Former Finance Minister Chidambaram said, “If the Oscars carry a cash award, I will recommend to the Finance Minister that it should be exempt from taxation."
If the recommendation comes from someone of the stature of Chidambaram, it is sure to be accepted, though the CBDT Chairman, when asked whether such an exemption would be given, was not very direct and said that it was a policy decision.
Anyway, PC need not bother, Pranab need not worry and CBDT Chairman need not draft that notification, for the Oscar does not carry any cash prize, only honour, prestige, fame and a statuette.