In a dramatic 14th and final match, Indian Grandmaster D Gukesh defeated reigning Chinese champion Ding Liren to become the youngest World Chess Champion at the age of 18.
However, his victory has not only caused a stir in the chess community, but it has also garnered media attention due to the enormous tax he must pay on his winnings.
Gukesh just won a huge Rs. 11 crore prize money, but now he has to pay Rs. 4.67 crore in income taxes, which has caused a lot of controversy.
Tax Calculation
Income tax rates on prize winnings are comparatively high in India, particularly when the total exceeds a specific level. The income slab is used to determine the tax, and Gukesh’s Rs. 11 crore puts him in the top bracket, which carries a hefty tax percentage. Reports state that D Gukesh will have to pay Rs. 4.67 crore in taxes, or roughly 42.5% of his award money. This is a significant sum that emphasizes how much prize money is taxed in India, especially when prizes are huge.
Indian’s Reaction On D Gukesh’s Income Tax Bill
“Gukesh Will Pay ₹4.67 Crore As Tax From His World Championship Winning Amount Of 11 Crore Guess who was saying the real ‘Checkmate’ even without playing?” says Aryan Mittal.
“Gukesh will pay ₹4.67 crore in taxes from his ₹11 crore World Championship prize money,” tweets Pushpendra Singh. The other perople replying to his tweet said, “so what’s wrong here ? If they Can impose 30% Tax On Crypto With No Loss Setoff.This is completely normal”.
“Nirmala Sitharaman waiting at airport to tax Gukesh’s prize money”, Heer on Instagram said while posting the photo.
“Arrogant FM is praising him because she is collecting ₹4.67 crores as taxes,” says M. Jeyachandran
