IPL - 8 Key Taxation Points

IPL - 8 Key Taxation Points

1)      Income from IPL to Franchisee Owners will be taxed under “Profits and Gains of Business and Profession.

2)      Bidding Amount paid to Players is taxed in the hands of players as “Profits and gains of Business and Profession”.

3)      Payment made to a player is subject to TDS under section 194J

4)      Payments made to Foreign players is subject to TDS under section 194E

5)      Indian players are required to include the income from IPL in their Total Income and have to file Return of Income.

6)      Foreign players are not required to file Income Tax return unless they have any other income taxable in India.

7)      Players are required to collect the GST on amount they are bidden for.

8)      Indian Players can claim expenditure against the IPL income while foreign players cannot.

 

                                                                                       

                                                                                                                      ✍CA Sanjay R Shetty