Government okays World Cup tax exemption

Government has extended Income Tax exemption for the ICC Cricket World Cup 2011 that would entail the organizers, to retain at least 450 million rupees. Minister of Information and Broadcasting Ambika Soni, disclosed this after a Cabinet meeting at New Delhi on Thursday. She also added that the central Cabinet approved the proposal of Finance Ministry for exempting ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961. This will be in respect of income arising in India from the tournament and the financial implication would be in the range of 450 million rupees, she said.