D Gukesh faces high tax bill after becoming youngest chess world champion

D Gukesh, at 18, became the youngest chess world champion, earning $1.35 million after his victory in Singapore. However, he faces a significant tax burden, with rates between 39% and 42% on his prize money. Gukesh's tax liability could reach approximately Rs 4.67 crore, surpassing MS Dhoni's IPL salary. The tax applies to winnings from events like the World Championship, classified as taxable income under Indian law. He may benefit from a lower tax rate under the new regime, potentially reducing his tax to 39%. Additionally, a Rs 5 crore award from the Tamil Nadu Chief Minister will help offset his tax payments.