India’s 18-year-old chess sensation, D Gukesh, has not only made headlines for becoming the youngest World Chess Champion but also for the staggering tax implications of his victory. While Gukesh’s triumph against China’s Ding Liren has brought him fame and fortune, the Income Tax Department seems to be celebrating too!
Prize Money and Tax Deductions
After winning the 2024 World Chess Championship in Singapore, Gukesh is set to take home over ₹11 crore from a total prize pool of $2.5 million (approximately ₹20.75 crore). However, a significant portion of this amount will go towards taxes.
Earnings Breakdown:
Gukesh won three games, earning $600,000 (₹5.04 crore).
Participation prize money adds another $200,000 (₹1.68 crore).
Tax Liability:
With India’s top tax rate at 30%, Gukesh will owe approximately ₹3 crore in taxes. When surcharges are included, the total liability could exceed ₹4.67 crore.
Social Media’s Witty Take
Social media users couldn’t miss the humor in this situation. Memes and jokes poured in, with many congratulating the Income Tax Department. One viral comment quipped, “That’s called TDS: Tax Deducted by Sitharaman!”
While Gukesh’s victory is undoubtedly a proud moment for India, it also turns out to be a profitable one for the tax department.
This unexpected twist highlights how even a historic win can come with a hefty price tag—one that benefits the nation’s coffers!
