No tax for World Cup!

The International Cricket Council (ICC) has landed Rs 45 crore ($10 million) bonanza with the Indian cabinet on Thursday exempting the income earned during the World Cup from tax.

At a meeting presided over by Prime Minister Manmohan Singh, the cabinet approved the finance ministry’s proposal to exempt the 2011 World Cup from income tax.

"The financial implication will be nearly Rs45 crore," the finance ministry said in a statement.

The cabinet had approved a proposal in 2005 to amend the Income Tax Act, 1961, to exempt the income of both residents and non-residents arising from an international sporting event conducted in India.(IANS)

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