SECTION 80G OF INCOME TAX ACT EXTENDED TO SIXTEEN NEW SPORTS

Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act– which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has “added” baseball, fencing, handball, ice hockey, karate, kayaking and canoeing, netball, speak takraw, snooker, soft tennis, taekwondo, triathlon, skiing and ice skating (winter games) and wushu, to the list through an amendment notification earlier this month.
The list already has 36 games and sports since 2003 under it. “Sixteen new games have been added on the recommendation of the Indian Olympic Association (IOA).
These are the disciplines in the winter Olympic Games and taxpayers making donations to these games will be deducted under section 80G of the Income Tax Act which allows deductions or tax benefits for charitable purposes,” sources said. The assessment of income to donations for the new included games will take place from assessment year 2010-11, they said.
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