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.
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?
CAclubindia
