IPL 3 pays Rs 400 Cr to IT
The Income Tax department has collected nearly Rs 400 crore as Tax Deducted at Source (TDS) of from the third edition of the T20 tournament.
The department has accrued the amount as TDS from the remuneration paid to players, umpires, coaches, commentators and from payment of overseas publicity rights.
The I-T department is currently not only probing the source of money into the tournament but is also investigating the “taxation aspects of transactions relating to the Indian Premier League” including the flow of money from offshore destinations into the tournament.
The IT department had collected documents related to bidding, payment of taxes and various other financial details during its countrywide survey operations on various IPL franchises, with the first such operation being conducted at the BCCI and IPL premises including at the office of former IPL Commissioner Lalit Modi on April 15.