India’s love for cricket can’t be defined by a single ‘word’. Whenever there is any cricket match whether involving the Indian team or IPL, the madness is clearly visible.
But have you ever wondered, how is the income of many foreign players like Angelo Mathews, David Warner etc or even umpires is taxed in India? Not only cricket, but many international players regularly visit India for tournaments from all sports like football, hockey, boxing, and the list is endless.
This is where, Section 194E plays a vital role, as it specifically targets income earned by sportsmen etc in India.
This section provides a special tax rate @ 20% (plus EC and SHEC), Plus Surcharge as applicable on specified income arising to a Non-Resident Sportsman or Entertainer or Sports Association.
However, no deduction for any expenditure incurred and allowance is given to such assessee u/s 115BBA.
Specified income includes income from participating in any games/ sports/ performance or income from advertising or income from contributing articles in the newspaper. All such income should arise only in India.
The rate of tax deduction u/s 194E is 20% exclusive of EC and Surcharge. And the time of deduction is earlier of, the credit of income to the account of the payee (receiver) or actual payment (in cash, cheque, draft or other modes).
Any person who pays an amount under section 80CCA(2)(a) i.e. National Savings Scheme to another person is required to deduct tax under this section.What is the rate & time of tax deduction u/s 194EE?
The rate of tax deduction u/s 194EE is 10% and the time of deduction is when the payment is made.What is the rate & time of tax deduction u/s 194H?
The rate of tax deduction u/s 194H is 5%. And the time of deduction is earlier of, the credit of income to the account of the payee (receiver) or actual payment (in cash, cheque, draft or other modes).No Requirement of TDS :
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