Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: VAT Audit :: empanelment :: due date for vat payment :: cpt :: TDS :: VAT RATES :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
News Headlines »
 7 Tax-saving investments for the risk averse
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31

Outsourcing IPL will cause tax losses to govt
March, 27th 2009

Not just the hoopla, India stands to lose tax moolah as well with the Indian Premier League (IPL) shifting to South Africa. While the largest loss would be in service tax on broadcasting rights, advertising and branding, the Central Borad of Direct Taxes expects to lose only Rs 20 crore as income tax.

Officials from the Central Board of Excise & Customs said that the lone service tax earning would be from Board of Cricket Control in India (BCCI) on the franchise fee it charges the team sponsors and the purchase fees it pays to players.

At 10 percent, team owners would have to pay $72.36 million and the BCCI would have to shell out $7.45 million (Rs 372.5 crore) as service tax under business auxiliary service. The purchase fees paid to players would also be liable to service tax under BAS.

But what would escape the CBEC dragnet is service tax on broadcasting rights that will this year be earned by South Africa. Unlike last year, their sale of time slots for ads to Indian companies would also not attract the 10.3 percent service tax, officials said.

The display of DLF logo on Cricket stumps or the sidescreen or the Kingfisher banners on the ground would also not qualify for service tax as these services would not have been provided in the Indian territory, CBEC official said.

However, Indian players would have to pay 10 percent of their earning as income tax deductible at source (TDS) under Section 194J of the Income Tax Act while their foreign colleagues would escape paying tax here as Section 194E of the Act taxes non-residents only on income earned from any participation of any game, sport or advertisement or product endorsement in India.

A CBDT official said that after a study of the rules today it was realized that there was no provision to tax players or professionals who were not Indian residents. However, that loss is estimated at Rs 15-20 crores considering last years earnings, he said.

The Government earned Rs 91 crore as TDS from IPL last year on payments made to players, umpires, coaches, commentators and other professionals associated with the tournament.

Initially, some paid 2 per cent of their fees for rendering professional and technical services but in August last year, CBDT clarified that all sportspersons and associated professionals as well as sports associations must be levied TDS at 10 per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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