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of <h1>CBDT Clarifies Taxability of Sports Awards; Government-Approved Awards May Qualify for Tax Exemption u/s 10(17A.</h1> The Central Board of Direct Taxes issued Circular No. 2 of 2014 to clarify the taxability of awards for sportsmen. Previously, under Circular No. 447 from 1986, non-professional sportsmen's awards were considered gifts and not taxable. However, changes in the tax law, effective from April 1, 2005, made gifts taxable, rendering the previous circular obsolete. Awards approved by the Central or State Government may still be exempt under clause (17A) of section 10 of the Income-tax Act, 1961, allowing eligible individuals to seek tax exemption for such approved awards.
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