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: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
General »
 GST Network signs MoU With DGFT for sharing of foreign exchange realisation data
 Number of companies paying tax over Rs 100 crore declines in 2013-14
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers

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 2016 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