Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

IPL enriches taxman too
March, 21st 2009

The government earned Rs91 crore from the first edition of Indian Premier League cricket tournament through tax deducted at source on payments made to players, umpires, coaches and commentators among others. However, a sizeable part of this is yet to be recovered.

The initial TDS amount received by the income tax department was relatively low, but the Central Board of Direct Taxes issued notices to the BCCI last year reminding it that many of its franchisees had not collected TDS uniformly. In some cases, the tax deducted from the payments made to players was low as two per cent, as against the 10 per cent required by the CBDT.

The Times of India quoted sources as saying that the I-T department had received around Rs 65 crore till the first six months of the current fiscal, based on payouts amounting to Rs 670 crore. The discrepancies were mostly in the case of Indian players, while the foreign players paid TDS in full. Two per cent is the tax deducted in normal contract payments.

In August, a CBDT notification had clarified that all sportspersons, Indian or foreign, besides coaches, trainers, umpires, referees, team physicians, physiotherapists, event managers, commentators, anchors and columnists were in the professional bracket - the same as those rendering technical services and were liable for TDS at the rate of 10 per cent.

The IPL has attracted the attention of other tax departments too, with the Commissionerate of Service Tax, Delhi, asking the organisers and partners to pay service tax on the sponsorship amount. Though sporting events are normally exempt from service tax, the IPL attracted the levy because of its highly commercial nature.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions