Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: VAT Audit :: cpt :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment
 
 
« General »
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners

TDS rate for players raised to 10 per cent
August, 18th 2008

Sportspersons like Sachin Tendulkar and Mahendra Singh Dhoni will soon see a higher rate of tax deduction at source on their match fees and endorsement fee earnings.

The Income Tax Department has decided to hike the tax deducted at source (TDS) rate to 10 per cent, taking the total incidence to 11.33 per cent (including 3 per cent education cess and 10 per cent surcharge), as against the existing incidence of 2.33 per cent, official sources told Business Standard.

A notification in this regard, amending Section 194J of the Income-Tax Act, 1961, is likely to be issued within a week. The notification will put sportspersons in the same category of professionals like doctors, lawyers and engineers.

The revised rate will become effective from the date of the notification and all sports bodies like the Board of Control for Cricket in India (BCCI) will be have to deduct taxes at the new rate while making payments to the players.

Besides the players, the new TDS rate will also apply to all those associated with a sport. These include professionals like team managers, coaches, match referees, umpires, groundsmen, curators, administrators, physical trainers, physiotherapists and psychologists.

In effect, if a sportsperson earns Rs 1,00,000 as match fees, the payer will deduct Rs 11,330 at the source. The player can claim a refund on the amount deducted as part of his annual income-tax return.

At present many sports bodies do not deduct tax at source, although the BCCI does so at an incidence of 2.33 per cent.

The move to issue a notification for deducting TDS at a higher rate comes after earlier efforts by the Income-Tax Department to persuade sports bodies to deduct the tax, and at a higher rate.

The department stepped up its efforts in this regard after the Indian Premier League (IPL) became a money-spinner for all stakeholders. A sense of what lies at stake can be had from the fact that the tax authorities expect to collect Rs 200 crore from IPL matches this year.

 

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

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