Rs. 45 crore tax exempt for Cricket World Cup

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NEW DELHI: The International Cricket Council (ICC) has landed a Rs.45 crore ($10 million) bonanza with the Indian cabinet Thursday exempting the income earned during the World Cup from tax.

At a meeting presided over by Prime Minister Manmohan Singh, the cabinet approved the finance ministry's proposal to exempt the 2011 World Cup from income tax.

"The financial implication will be nearly Rs.45 crore," the finance ministry said in a statement.

The cabinet had approved a proposal in 2005 to amend the Income Tax Act, 1961, to exempt the income of both residents and non-residents arising from an international sporting event conducted in India.


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