Return Filing For Chess Tournaments Winners – What’s the Case?

Any player or winner of a game, be it chess or gambling, will have to pay tax on the prize money under the head ‘Income from other Sources.’ The earnings that come within this category are:

  • Lottery
  • Crossword Puzzle
  • Gambling or betting
  • Races including Horse races
  • Game Show or any entertainment program on television or electronic mode

The tax applied is 30% at a flat rate, and with the addition of cess, it comes to 31.2%. If the prize money exceeds Rs. 10,000/- then a 10% TDS is also deducted. In some instances, the prize money is not taxable due to exemptions set by the law. In such cases, the 10% tax is still deducted at source if the amount is more than ten thousand. The only exception is winning from horse races where TDS is cut when the money is more than Rs. 5000.

Moreover, no deduction or expenditure is allowed under section 80C or 80D from prize money. The full amount is taxed at a flat rate of 30% plus cess. For instance, the prize money won is Rs 2 lakhs, then tax of 31.2% will be applied on the whole two lakhs.

How music lessons remain beneficial for kids?

If you have a school age kid, it is important to encourage them to learn music. Though they remain occupied with various fun activities, playing an instrument would help in fine-tuning ear and improve skills necessary for social interaction and education. There are a lot of benefits of adding music to their extra-curricular activity list. You need to find whether they have interest in singing, playing the violin, piano or other musical instruments. It is not that he or she would become an expert, but they would feel simple to practice good manners, learn maths and even remain as a good team player.

Benefits of attending music classes in Nanganallur

  • Enhances academic skills:

Maths and music are highly interlinked. When children understand scales, rhythm, and beat, they could easily learn how to create fractions, divide, and make patterns. Music supports the brain of a child and it helps the child to easily understand various areas of Maths. When kids get matured, they would start to sing songs by utilizing their short term memory and also long term memory. Utilizing a mnemonic device can also be included later to other memory skills. By plucking the violin or guitar strings, the children could learn about sympathetic and harmonic vibrations. Also, non-string instruments like vibraphone and drum help the grownups to get a chance to discover the scientific principles.

  • Develops physical skills:

Instruments like percussion assist children to develop motor and coordination skills as it involves usage of feet, arms, and hands. Such instruments remain suitable for kids who have high energy levels. Other instruments like piano and violin involve numerous actions from left and right hands simultaneously. It is almost like rubbing your belly and patting the head at the same time. Instruments help in developing ambidexterity and also encourage to remain comfortable even in uncomfortable situations. Improving timing and coordination would help children to remain prepared for various other hobbies such as sports and dance.

  • Cultivates social skills:

Group music classes promote communication and peer interaction. It encourages teamwork since children should join to develop an accelerando or crescendo. The child should adjust when he or she is playing speed or very loudly. The children should know about individual importance when it comes to playing in a large gathering. It is the reason children are divided into groups and each of the students is assigned a task especially while performing in the midst of large gatherings. It gives lot of experience and exposure in the society.

How Chess Improves Your Brain Health?

Nowadays, chess game has become part curricula in various schools, across the worlds. It has been accepted by the majority of the people and experts that chess game helps to improve the brain’s capability in many ways. In this article, we will see how the chess game can benefit your brain.

Improves Problem Solving Capability

Chess exercises the brain to a great extent. The players have to continually think and make their move to trap the competitor’s King in check. Here, players use their mental capabilities to win the game and this will keep their brain alert and active.

 

Develops Cognitive Ability

Various studies have proved that school children were able to improve their cognition by regularly playing chess. Experts say that chess game helps the children to become smarter.

Verbal Skills

By receiving verbal instruction for at least two hours a week, students can improve their verbal skills. This game is highly language-dependent, and hence it can exercise the areas of the brain that is responsible for verbal skills.

Critical Thinking

Based on the research conducted on chess players and non-chess players, it has been found that chess game helps to improve judgment and critical thinking skills.

Mathematical skills
Those students, who are struggling with mathematics, can practice and play the chess game.

Having good leadership skills will put you in a dignified position in the society and workplace. Some people are born with good leadership, while people acquire such skills through experience. If you are looking to improve your leadership skills, you can consider playing chess game regularly. We will tell you how this game can improve your leadership skills.

Studying Opponent’s Move

As a player, you are not just going to focus on your moves and strategies alone. You have to study your opponent’s move to take your decision throughout the game. The ability to study your competitor’s strategy will surely enhance your leadership strategy.

Planning ahead

Good leaders always know to create an effective plan. Winning the chess game requires lots of planning. As a player, you should plan your moves well ahead based on your opponent’s move. Regularly playing the chess game helps to improve your planning skills.

Knowing the worth of each piece

Chess players have to deal with various pieces such as Queen, King, Bishop, Rook, etc. As a regular player, you will know the worth of each piece, and you know how to trade the pieces efficiently. As a leader, you will also know how to extract the work from your team members based on their skills.

How Playing Chess Improves Academic Performance?

Image Represents A Person make a move in chess game and the other person watching and waiting for his next move

Image Represents A Person make a move in chess game and the other person watching and waiting for his next move

 

As you all know chess is a game which is said to build various skills. It can strengthen your cognitive skills, mental ability and improves your concentration power. There are several other benefits of playing this game. Recent researches have proved that playing chess can improve academic performance, especially with students. Chess players are usually better in their academics. Thus people who practice chess perform better in IAS exams. Here you would find some of the benefits of chess based on academic performance.

Professionals at Chinmaya IAS Academy give us few points on how playing the game of chess regularly improves academic performance

Improves Problem Solving Skills
Students who play chess regularly solve the problems in their studies easily. The question paper for IAS exams includes questions where you have to arrive with a solution to a problem. Chess is a problem-solving game, and this skill helps students in their academic performance especially when they appear for competitive exams.

Helps To Make Decisions
Chess players have to make decisions based on the move of their opponent. The decision making should be quick. Students thus develop decision-making skill when they are good chess players. This skill would help them to face the IAS interview.

Improves Your Memory
Your memory would be significantly improved when playing chess. Thus chess players find it easy to remember the concepts of the various subjects that they study in their academics. This ability reflects when these students prepare for their IAS exams. Chess players would able to remember the essential concepts of the various subjects of the IAS exam. Thus they can crack the IAS exams easily with less effort.

Improves Logical Reasoning
Chess is a game that involves a lot of logic and reasoning. Students who play chess regularly as a hobby find it easy to solve logical and reasoning problems in their academics. This helps them to score good marks in their academics. Chess players mostly top the competitive exams as logical reasoning questions are a part of these exams.

You Strive For Excellence
Chess players fight until the end to win the game. They never give up. This quality is much required when preparing for your IAS exams. Every year thousands of students appear for the UPSC exams with a dream to enter the civil services. Aspiring students never give up and clear the exams after several attempts. This unique quality can be developed when playing chess. This helps them to become an IAS officer after several attempts.

Improves Concentration
Concentration is very important for chess players. During the game, they should not get distracted due to external factors. They should be aware of the moves of their opponent and also able to guess their next move. Chess players can concentrate on their studies. Concentration helps students to perform better in their studies. Concentration in a classroom session can help a great deal in grasping some of the important concepts of their academic subjects. When preparing for IAS exams these students do not yield to other external distractions like television, social media, mobile, chatting etc.
The above are some of the benefits of playing chess on academic performance.