What better way to set the stage for a special occasion than to take a trip down memory lane and refresh our memories on landmark developments in both the Cricketing and Tax World! This Nostalgia trip takes us back to the days of ‘Lagaan’! Can you’ll guess when was the first test match played and where? Would some of our younger readers know when the organisational structure of the Income Tax Dept and the Central Board of Revenue was created and by which Act? In this very special presentation by the Taxsutra editorial team, we take a blow by blow look at the Landmark years in Cricket & Tax and what made them so.
India – Australia Tax Pitch, ICC & Tax, Mohan Parasaran’s cricket picks, Mega Quiz prize - Chaturvedi and Pithisaria & more….
Anyone who watched the first semi-final yesterday would agree that cricket indeed was the winner. It reminded us once again why cricket is a game of glorious uncertainties…and there were one too many at Auckland. The dropped catches, missed run outs, unexpected intervention of weather Gods and the emergence of the most unlikely hero – Grant Elliot! And no, South Africa did not choke! They showed us why cricket is still a gentleman’s game. Not an inch conceded on the pitch but emotions got the better of them after yet another heart breaking loss at the altar of the finals.
So the Kiwis are through to their first ever World Cup final and they would be itching to know who their opponents are going to be this coming Sunday at the MCG. If past is prologue, then tomorrow’s semi-final between Indian & Australia will be another cliff hanger that will ensure skipping of a billion heartbeats. The match is gonna be played at the iconic Sydney Cricket Ground but the number of supporters of Men in Blue likely to throng the stadium tomorrow, may just convert SCG into a Wankhede!
The one on one match ups lined up for tomorrow are truly mouth watering prospects : Dhoni vs Clarke, Warner vs Shami, Kohli vs Johnson… A billion people will be off from work tomorrow or at the very least, their minds would surely be wandering somewhere. Tax Spin (a Taxsutra initiative in conjunction with KPMG in India) previews this pulsating contest on its unique ‘Tax Scorecard’ where again, it’s even stevens. One area where the Aussies score over India is the CFC legislation. Click here to read more....
For our cricketers, the stakes are high not just when they are on the pitch, but off it as well. Therefore it’s no surprise that cricketers are often caught in the middle of high profile tax controversies. And it is not just the cricketers but the cash rich cricket associations like BCCI & State Cricket Boards that have increasingly come in the firing line of the taxman, who is subjecting the tax exemption claims to searching yorkers in the hope of trapping them plumb before the wicket!
We still remember the tax fiasco surrounding the hosting of the Formula One Grand Prix in India and how it ensured that India was dropped from the calendar after hosting the prestigious and popular race for three consecutive years. The Indian Income tax code may not be a minefield when it comes to taxation of sportspersons, but there is no denying the fact that the tax pitch can at times get queered by the uneven cracks! Taxsutra, in this informative piece, collates the different sections of the Income tax Act dealing with taxability of income from awards, incentive deductions, special tax treatment for non-resident sportspersons as also the recurring debate on taxation of international sports events in India.