Latest Expert Exchange Queries

Make 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) | 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: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: articles on VAT and GST in India
 
 
« General »
 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
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months

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