Taxability of income of cricketers
This query is : Resolved
30 December 2015
what is the tax treatment of Receipts by Cricketers Selected to play for India? for tests, one day and t20 matches?
Ankur Singhal
(Expert)
30 December 2015
Dear
The cricketers are professional.
So their income from the BCCI is taxable under head income from business or Profession.
As BCCI has to deduct TDS u/s 194J on the same.
Also income from the advertisement is also income from profession as TDS is also deducted u/s 194J on the same.
The cricketers are professional.
So their income from the BCCI is taxable under head income from business or Profession.
As BCCI has to deduct TDS u/s 194J on the same.
Also income from the advertisement is also income from profession as TDS is also deducted u/s 194J on the same.
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30 December 2015
Sir.. i have seen in a book that it will be taxable under income from other sources in the following way..
Taxability of Receipts by Cricketers Selected to play for India
1. Test Matches in India: Amount actually received by the player from the cricket control board is taxable after allowing a deduction of an amount equal to 75% of such receipts in respect of reasonable expenses incurred to earn such income.
2. Other matches in India: Generally the entire receipts by the player from the board will be deemed to have been spent for earning such income and hence not taxable.
3. Matches outside India: A player will be allowed a deduction of 50% of the amount received for playing in foreign countries and the balance will be taxable.
Please tell me whether it is correct or not?
Taxability of Receipts by Cricketers Selected to play for India
1. Test Matches in India: Amount actually received by the player from the cricket control board is taxable after allowing a deduction of an amount equal to 75% of such receipts in respect of reasonable expenses incurred to earn such income.
2. Other matches in India: Generally the entire receipts by the player from the board will be deemed to have been spent for earning such income and hence not taxable.
3. Matches outside India: A player will be allowed a deduction of 50% of the amount received for playing in foreign countries and the balance will be taxable.
Please tell me whether it is correct or not?
Ankur Singhal
(Expert)
30 December 2015
Dear Arsha
You refer to the fees received to play a match.
but have replied on the annual fees received from BCCI, in addition to the other fees.
You refer to the fees received to play a match.
but have replied on the annual fees received from BCCI, in addition to the other fees.
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