12 August 2023
can anyone explain me the complete income tax provision relating to tax on indian cricket and bcci. if possible find refer me the books i need to touch down for the same
12 August 2023
Indian players are taxed based on their income tax slab. The tax is deducted at the source by the IPL franchise before making the payment to the player. The franchise is also required to deduct TDS (Tax Deducted at Source) on the match fee paid to the player.
The Board of Control for Cricket in India (BCCI) paid ₹1,159 crore in income tax for the fiscal year 2021–2022.
The BCCI’s income for the year was INR 7,606 crore, which was up 55% from the previous year. The board’s expenditure for the year was INR 3,064 crore, which was up 30% from the previous year.
The BCCI’s income tax payment is a significant contribution to the Indian government’s coffers. The BCCI is the richest sports body in the world, and its income tax payment is a sign of its financial strength.
In addition to paying INR 1,159 crore in income tax, the BCCI has also agreed to pay INR 963 crore in taxes on behalf of the International Cricket Council (ICC) for the 2023 Cricket World Cup.
The ICC is required to pay taxes on the profits it makes from the World Cup, but the BCCI has agreed to pay these taxes on the ICC’s behalf as part of a host agreement that was signed in 2014.
CAclubindia
