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of <h1>Tax Clarification: Professional Sportsmen's Awards are Taxable Income; Non-Professionals' Awards Considered Non-Taxable Gifts.</h1> The Central Board of Direct Taxes clarifies the taxability of awards received by sportsmen. For professional sportsmen, awards are considered taxable income as they are benefits from their profession. However, for non-professional sportsmen, awards are treated as gifts or personal testimonials and are not taxable as income. The determination of whether a sportsman is professional depends on specific case details assessed by the officer. Additionally, if the award is deemed a gift, its liability under gift tax will be assessed separately. A Hindi version of this circular will follow.
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