Indian Grandmaster D Gukesh Faces ₹4.67 Crore Tax Bill After Winning World Chess Championship

Indian Grandmaster D Gukesh Faces ₹4.67 Crore Tax Bill After Winning World Chess Championship

In a historic moment, 18-year-old Indian Grandmaster D Gukesh clinched the title of World Chess Champion after defeating Ding Liren of China in a thrilling final game. While his victory has been celebrated worldwide, Gukesh is now facing a staggering tax bill of ₹4.67 crore on his prize money of ₹11 crore, sparking a debate on taxation policies in India.

The Tax Calculation

Gukesh’s win at the World Chess Championship earned him a substantial prize money of ₹11 crore, placing him in the highest income tax slab in India. As a result, he is required to pay approximately 42.5% of his winnings as tax, amounting to ₹4.67 crore. This significant tax amount sheds light on the tax implications of prize money in the country, especially for large winnings.

Reactions From Netizens

News of Gukesh’s tax bill has sparked discussions on social media, with many expressing surprise and some criticizing the high tax rates on prize money. While some defend the taxation system as essential for the economy, others question the fairness of such high taxes on winnings. Gukesh, meanwhile, has not commented on the matter, focusing on his historic achievement as the youngest World Chess Champion.

As the chess prodigy navigates the financial implications of his victory, his triumph on the global stage continues to be a source of national pride and inspiration for aspiring chess players in India.

Published on Dec 16, 2024 09:34 by Ashana Sinha