23 September 2009
One Person is earning Rs.12Lakh as cricket coach. Is he come under Tax audit? Is there any special provisions under Income Tax for him?
23 September 2009
If he is registered as profiessional with cricket board then automatically tax audit will come. Otherwise tax audit is not attracted.
24 September 2009
I dont think , cricket coaching is a specified profession by CBDT . Although the definition of profession includes vocation(check definition of vocation) . It should be noted that cricket coaching is highly commercial these days , and cannot be termed as a professional service. . i think cricket coaching falls under "business" and 40 laks limit applies even if hes registered with BCCI -Second senior opinion needed
24 September 2009
I don't agree with Rajeev. As this needs applicability of skils. And where there is application of skill appear it will automatically shows that profession.
In my opinion cricket coaching in individual name will be covered as professional income. If the same person getting this amount from any institutions then this will be contract amount and again the limit of 10L apply. If this comes as salary then there is no need to have tax audit.
CAclubindia
