Income of Commonwealth Games Exempted
AS per section 10(39) of the Income Tax Act, the following income is not to be included in computing the total income of the previous year.
any specified income, arising from any international sporting event held in India, to the person or persons notified by the Central Government in the Official Gazette, if such international sporting event-
(a) is approved by the international body regulating the international sport relating to such event;
(b) has participation by more than two countries;
(c) is notified 73 by the Central Government in the Official Gazette for the purposes of this clause.
Explanation.- For the purposes of this clause, “the specified income” means the income, of the nature and to the extent, arising from the international sporting event, which the Central Government may notify in this behalf;
Now the Government has notified the following income arising to Organising Committee, Commonwealth Games, 2010 Delhi, India from the organising Commonwealth Games, 2010 Delhi, India under section 10(39).
(i) income arising from the receipt from International Broadcasting – rupees one hundred eighty two crore (seventy per cent. of rupees two hundred sixty crore);
(ii) income arising from the receipt from domestic broadcasting - rupees sixty six crore (sixty per cent. of rupees one hundred ten crore);
(iii) income arising from the receipt of sponsorship – rupees nine hundred sixty crore;
(iv) income arising from the receipt of ticketing – rupees hundred crore;
(v) income arising from receipt of licensed merchandise – rupees fifty crore;
(vi) income from Donations of rupees hundred crore,
CBDT Notification No. 91 /2009/F.No.200/09/2009-ITA.I: Dated December 08 2009