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: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: VAT RATES :: cpt :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

I-T dept eyes bigger TDS slice from BCCI
September, 25th 2008

The tax man wants a larger share of BCCI's bouyant revenues, now pegged at Rs 1,000 crore, driven by ad and IPL earnings. BCCI has filed for a total tax deduction at source (TDS) of Rs 65 crore on payouts amounting to Rs 670 crore for the year 2007-08, but the Income Tax department is now looking to skim off some more.

Sources said the TDS amount of Rs 65 crore received has seen the I-T authorities asking questions about the uneven manner in which the liability for players, umpires, managers and other employees was assessed. The I-T department points out that the Board and its franchisees had, in some cases, deducted tax @ 2% with regard to some players. This was because some employees were seen to be on contract.

Now, in a fresh notification issued by the Central Board of Direct Taxes, it has clarified that all sportspersons, Indian or foreign, besides coaches, trainers, umpires, referees, team physicians, physiotherapists, event managers, commentators, anchors and columnists, must be levied TDS at 10%.

All persons associated with the sport through BCCI have been clubbed as professionals, just like those rendering technical services, under Section 194J of the I-T Act liable to pay TDS @ 10%.

Sources said while no discrepancies had been noticed in TDS on payments made to foreign players, in case of some Indian players the tax deducted was @ 2%, which is the practice in normal contract payments under Section 194C of I-T Act, not applicable to professionals. In 2007-08, BCCI is believed to have had an income of Rs 1,000.41 crore that included media rights of over Rs 550 crore, surplus from tours, interest on bank deposits of over Rs 1,100 crore and income from other sources. In 2006-07, it had an income of not more than Rs 652 crore.

According to reports, the Board's wage bill for players, both domestic and foreign, would be around Rs 132 crore, a significant jump from the previous year when it was only Rs 86 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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