Finance Ministry Agrees to Waive Tax on Gukesh Prize Money After The Philox’s Appeal
In what can only be described as a moment of triumph for India’s youngest World Chess Champion, D. Gukesh, the Finance Ministry has agreed to waive off the heavy tax on his prize money following an appeal made by The Philox.
This decision comes as a monumental gesture of support for a young prodigy who has made the entire nation proud.
We at The Philox are delighted to share this news with our readers and chess enthusiasts across the country.
The Finance Ministry contacted us directly and informed us that they have considered the request we made earlier, urging them to exempt Gukesh’s hard-earned winnings from taxation.
They further assured us that an official confirmation will soon be sent via email, which we will share as soon as it arrives.
For context, Gukesh earned a total of approximately ₹11.34 crore after defeating China’s reigning champion Ding Liren in a historic World Chess Championship final. His victory was hard-fought and a product of years of relentless dedication and perseverance.
However, the celebration of his accomplishment was shadowed by the prospect of a heavy tax burden, estimated to be around ₹4.67 crore after adding surcharges.
This development is not just about money; it’s about respect, recognition, and encouragement for young achievers like Gukesh.
A Small Effort, A Big Change
When The Philox made the appeal on behalf of Gukesh, it was born purely out of patriotism, respect for the game of chess, and admiration for the young champion who made history.
We had no connection to Gukesh or his prize money. Like millions of Indians, we saw his victory as a moment that transcended sports—an achievement that reignited pride in a game that originated in our own country.
We believed Gukesh deserved more than just applause; he deserved to retain his full reward, a reward earned through unmatched brilliance and determination.
Taxing a young champion heavily on a momentous achievement seemed unfair. Our request to the Finance Ministry was rooted in this simple yet heartfelt sentiment: to honor our heroes, not burden them.
We were overwhelmed when the Finance Ministry responded to our appeal. In a brief but impactful call, they assured us that they had taken our request seriously and decided to waive off the tax on Gukesh’s prize money.
They acknowledged that Gukesh’s victory was a matter of national pride, and supporting such young talent was essential for inspiring future generations.
Why This Matters
India has always celebrated its champions—be it in sports, science, or the arts. Gukesh’s victory is not just a personal milestone but a national triumph. It represents the potential of India’s youth, the fruits of years of discipline, and the brilliance of a game that is deeply woven into India’s cultural fabric.
Taxing his earnings heavily would have sent a discouraging message to young aspirants. By waiving off the tax, the Finance Ministry has not only honored Gukesh but also set a precedent that the country stands behind those who elevate its name on the world stage.
This gesture will inspire many more children across the country to dream big, work hard, and believe that their achievements will be valued and celebrated.
The decision to waive the tax also highlights the government’s recognition of the symbolic importance of this victory.
Chess is a game that India gave to the world, and to see an Indian teenager conquer the globe in this sport is a story that will be told for generations.
A Word from The Philox
At The Philox, we are humbled to have played a small role in this change. As a media platform, our mission has always been to amplify voices, celebrate achievements, and highlight stories that matter.
This is not just Gukesh’s victory; it is a victory for every young Indian striving to achieve greatness.
When we wrote to the Finance Ministry, we did so not as stakeholders but as citizens who felt a deep sense of pride in Gukesh’s achievement. We believe in creating an environment where talent is nurtured, recognized, and celebrated without unnecessary hurdles.
We hope this decision encourages more champions like Gukesh to emerge from every corner of the country. India is a nation brimming with potential, and it is gestures like these that fuel aspirations and inspire greatness.
Official Confirmation
The Finance Ministry has assured us that an official confirmation will be sent to us via email shortly. While we await the formal communication, we are confident that this decision will set a new benchmark for how our country treats its young heroes.
(We will update this article with a copy of the official confirmation email as soon as it reaches us.)
Celebrating Gukesh
D. Gukesh’s victory has united the country in pride and celebration. The teenager’s journey to the top of the chess world has not been easy.
From losing the first game of the final against Ding Liren to bouncing back and forcing a tiebreaker, his resilience, calm, and brilliance on the board have captured the hearts of millions.
This decision to waive off his tax ensures that his story remains one of pure triumph—a story of an 18-year-old boy who made the world take notice of India’s brilliance. It sends a powerful message: India values its champions and will stand by them.
We encourage all our readers to continue celebrating Gukesh’s historic achievement. Let his story inspire us all to strive harder, dream bigger, and work tirelessly to bring honor to our country in our own ways.
A Thank You to the Finance Ministry
We extend our heartfelt gratitude to the Finance Ministry for listening to our appeal and for this thoughtful gesture. In supporting Gukesh, you have supported every young dreamer who wishes to make India proud.
This is not just news. This is a moment of pride, hope, and change. Gukesh’s victory will now shine even brighter, untarnished by burdens, as it rightly deserves.
At The Philox, we remain committed to celebrating such stories that make us proud to call ourselves Indian. Let us continue to stand together for those who inspire us.
Stay tuned for updates! We will share the official confirmation from the Finance Ministry as soon as we receive it.
Excellent initiative taken and fruitful response from Union Government in waiving the Tax burden.But apparently some portion (about 50 % of the tax liability) was already deducted in Singapore itself as tax deducted at source.Is it possible to do some thing about it..
Great
You want to thank a ministry that wanted to tax 4.5 cr out of 11cr what if he had gotten it as second price will it be still exempt 😕 or if he hard earned 11 cr will it be ?
How regime discriminates against common citizens. They charge poor people who earn less than 5 dollars a day with 18% gst and don’t give even education or health services. But yes tax exempt on 11 Cr?
Bhai same thought..,
But logo ko mirchi lagegi isme bhi bhalai se unki khud life ke L lage ho..,..,……….,………….
You at Philip did an amazing job on this cause! There are several unsung heroes, who relentless work for decades for greater causes than personal glory! You need to highlight them and their work.
Of the many that come to mind, Let me send the foremostone such-👇🏽
https://youtu.be/8bJw_GVWNAc?si=-bmdCQs_JuXavwb_
What about us?
With all respect to Gukesh and what he has done. Tax is a % of earnings, so his tax is 4+ cr.
This is not right, every person in job earns money through his/her hardwork. What everyone is doing eventually is for the nation, be it building roads, railways, manufacturing or IT. Everyone gets salary and as part of law of land pays tax on earnings.
Why special preference to Gukesh or anyone, bringing name to country does not need tax exemption. Many Indians have brought name to India, should finance ministry exempt all of them from tax?
Its not only hard earned money like common people but, he earned so much pride to our nation, which could not be earned by every common people.
Thats a gift from india .. hehe Take it and enjoy in return to boosting our nation’s legacy
Total an emotional decision and wrong example set. Such unfairness to others are one of the many cause of Corruption in the country. Tax paying is not a punishment but duty of every income earning citizen.
Total an emotional decision and wrong example set. Such unfairness to others are one of the many cause of Corruption in the country. Tax paying is not a punishment but duty of every income earning citizen. Totally immature decision only meant to prove the power and will of a person who is head of the department.
This nation is full of fools , and hypocrites and now even the law is showing hypocrisy on the front line , bending in dark is a different thing but bending it in open broad day light , downfall has started ,
What happened to the slogan ,”none is above the law ” . I always thought that,law is like truly blind in the open light , but after this that fact is no longer exists, so that means law is just acting to be blind , there are things above the law and government in open light . Controversy.
Any thoughts? 🤔
Why exempt from tax? He has won laurels for our country. That is fine. This is a cash earning and not a gift. As others have stated what about others who have got so much for our country. Are they not taxed? This is absurd and not at all right.
The cash earnings should be taxed.
The IT department sends us reminder for Rs.100 and Rs.460. Is this fair?
Tendulkar got it for his Achievements and Contribution to the Nation through Sports, Why not Vishy?
Wish after all this self-praising article by ‘the Philox’, Gukesh D. still decides to go ahead and pay the due tax of 4.67 Cr for his earnings and establishes he is a model, responsible citizen and nor succumb to all this cheap publicity.
Not fair to the tax paying salaried employees.
Not fair to the tax paying salaried employees.
Several potential reforms could significantly improve the tax landscape for athletes in India. The introduction of sports-specific tax brackets would better reflect the unique nature of athletic income, which often comes in irregular, large amounts rather than steady earnings. Special provisions for international achievements could help recognize the exceptional nature of representing India on the global stage and the substantial costs involved in reaching that level. Additionally, an enhanced deduction scope for training expenses would acknowledge the significant investments athletes make in their careers, including specialized coaching, equipment, and facilities. Finally, implementing simplified compliance procedures for young athletes would help them focus on their sporting development during crucial early years, rather than getting overwhelmed by complex tax requirements that were designed for traditional businesses and professionals.
Very nicely put and apt for Sportsmen.
Everyone cannot earn world champion in chess.. His brain is the rarest of the rarest. He achieved a milestone in international space. We people work, earn and pay tax . Its a common thinng. Have we achieved any great things like him? Tax waive is a compliment to him as well as other achievers who keep our Indian country as the greatest in the world.
Agreed everybody pays tax. But what Gukesh did was phenomenal!! He achieved the title of World Champion 🏆 not just for himself but for all of India!! Victory was due to the extensive training at camps,by coaches, organisations etc. All which are part of India. So the laurels are earned by the entire Nation. Tax exemption to Gukesh is to inspire Indians to work Super Hard to achieve huge success!! Vande Mataram.
🙏🇮🇳🇮🇳. 19-12-2024
We expect Govt to treat all citizens same and ensure uniformity in all aspects. It is unfair that exceptions are given to certain selected groups or people. Such unfair practices pushes corruption and non compliance further.
This nation is full of fools , and hypocrites and now even the law is showing hypocrisy on the front line , bending in dark is a different thing but bending it in open broad day light , downfall has started ,
What happened to the slogan ,”none is above the law ” . I always thought that,law is like truly blind in the open light , but after this that fact is no longer exists, so that means law is just acting to be blind , there are things above the law and government in open light . Controversy.
Any thoughts? 🤔
This is a testament of Government to ensure affluent get richer by exempting tax to select individual/s.
PAT of 6+cr is a life settling amount of invested wisely for a sportsperson of Gukesh’s age and calibre. Congratulations to him on this big achivement and making us proud but let’s be responsible citizens and avoid bias.
Indian tax system needs a massive reform to stop the gap from the rich getting super rich and middle class salaried individuals paying up for all classes of society.
“Humare ko bhi dugna lagaan maaf kar do sarkar”.
Bhai mujhe jo salary milti hai woh bhi mere talent ki wajah se hi milti hai, meri bhi tax maaf kardo.
This is not fair. Every international players are paying tax. Need not give him a special consideration. Let it be for the development of this country.
Every year I am paying 30% on my meagre salary which is calculated even on notional values ending up compromising my disposable income. I work 10 to 12 Hours a day for the past 26 years. Why there is no sympathy towards a common citizen like me. Pl waive my tax also.
We, the hardworking individuals, often feel like we’re being exploited. We pay around 33% in taxes, and that’s just the beginning. On top of that, we’re burdened with taxes on vehicles, petrol, and even the roads we drive on. Yet, the condition of these roads is disastrous.
It’s incredibly frustrating to see the rich being exempted from taxes, while people like Nirav Modi can flee with our hard-earned money. The government seems to prioritize the wealthy over the people who contribute the most to the economy.
Is this really the future we want for those of us who work tirelessly for 12 hours a day just to make ends meet?
Like exporters get tax subsidy, Gukesh should also be given some relief for earning foreign currency for the nation. Though waiving the tax completely is discrimination.