Is your prize money from chess tournaments taxable? | Tax Planning for chess players

Описание: For many players and coaches in India, chess is their profession. They earn their money and livelihood through chess, but when it comes to tax planning or filing of Income Tax returns they are often clueless. In this video, we discuss this important subject with CA Dharmen Shah, an experienced Chartered Accountant, who has been practicing in the field of income tax for over three decades now.

Dharmen speaks about how chess players should go about determining their income, what the different heads of sources of Income are, how can the chess players claim expenses to reduce their taxable income and more. We also discuss some complicated issues like Income tax for minors and tax on prize money won outside India. Watching this video will help you to be a responsible citizen of the country, pay your tax on time and also save you money through appropriate tax planning.

If you have more questions you can let us know in the comments section below and we will try to get them answered by Dharmen Shah.

Video: Sagar Shah

#Chess #ChessBaseIndia #Taxplanning
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