Net taxable Income of Cricketers in India

Income tax Project
about Virender sehwag
Virender sehwag salary
Virender sehwag house property
Virender sehwag income
Virender sehwag income tax
About Sachin Tendulkar
Sachin Tendulkar salary
Sachin Tendulkar house property
Sachin Tendulkar income
Sachin Tendulkar income tax
about Gautam Gambhir
Gautam Gambhir salary
Gautam Gambhir house property
Gautam Gambhir income
Gautam Gambhir income tax
about V.V.S. Laxman
V.V.S. Laxman salary
V.V.S. Laxman property
V.V.S. Laxman income
V.V.S. Laxman income tax
about Rahul Dravid
Rahul Dravid salary
Rahul Dravid property
Rahul Dravid income
Rahul Dravid income tax
about sreesanth
sreesanth salary
sreesanth property
sreesanth income
sreesanth income tax
Net taxable income of cricketers
Net taxable income of cricketers in India
  • Income tax Project
  • about Virender sehwag
  • Virender sehwag salary
  • Virender sehwag house property
  • Virender sehwag income
  • Virender sehwag income tax
  • About Sachin Tendulkar
  • Sachin Tendulkar salary
  • Sachin Tendulkar house property
  • Sachin Tendulkar income
  • Sachin Tendulkar income tax
  • about Gautam Gambhir
  • Gautam Gambhir salary
  • Gautam Gambhir house property
  • Gautam Gambhir income
  • Gautam Gambhir income tax
  • about V.V.S. Laxman
  • V.V.S. Laxman salary
  • V.V.S. Laxman property
  • V.V.S. Laxman income
  • V.V.S. Laxman income tax
  • about Rahul Dravid
  • Rahul Dravid salary
  • Rahul Dravid property
  • Rahul Dravid income
  • Rahul Dravid income tax
  • about sreesanth
  • sreesanth salary
  • sreesanth property
  • sreesanth income
  • sreesanth income tax
  • Net taxable income of cricketers
  • Net taxable income of cricketers in India

Project/Slides/Presentation Transcript

Topic –  Calculation of Net taxable Income of Cricketers in India

Slide 1 – Net Taxable Income of cricketers in India

Slide 2 –  About Virender Sehwag

Virender Sehwag is one of the leading batsmen in the Indian cricket team. Sehwag is right-handed opening batsman and a part-time right-arm off-spin bowler. He played his first One Day International in 1999 and joined the Indian Test cricket team in 2001.

In April 2009, Sehwag became the only Indian to be honoured as the Wisden Leading Cricketer in the World for his performance in 2008, subsequently becoming the first player of any nationality to retain the award for 2009.

 

Slide 3 – Income under the head salary

ParticularsAmount
Central contract by BCCI1,00,00,000
Fees for test match4,50,00,000
Fees for ODI2,60,00,000
Fees for T20 match3,54,00,000
Income under the head Salary11,64,00,000

 

Slide 4 – Income from house property

 

ParticularsDLOPLOPSOP
Municipal Valuation10,00,00,00012,00,00,000NIL
Fair Rent8,00,00,00010,00,00,000NIL
Higher of Municipal value and fair rent10,00,00,00012,00,00,000NIL
Less: Municipal taxes2,00,00,0005,00,00,000NIL
Net Annual value8,00,00,0007,00,00,000NIL
Less: Deduction u/s 24NILNILNIL
Standard Deductions (30%)2,40,00,0002,10,00,000NIL
Income from House Property5,60,00,0004,90,00,000NIL

 

Slide 5 – Income from other sources

ParticularsAmountAmount
Honorary from the state of Delhi1,00,00,000
Honorary from Haryana govt.1,00,000
Lifetime passes from Indian Railway

Less Exempt

5,00,000

5,00,000

Nil
Arjuna AwardNil
Cash Reward by DDA25,00,000
Endorsements5,00,00,000
Income from other sources6,26,00,000

 

Slide 6 – Net Taxable Income

ParticularsAmount
Income under the Head Salary11,64,00,000
House Property(5,60,00,000+4,90,00,000)10,50,00,000
Income from other sources6,26,00,000
Less: DEDUCTIONS:
Medical Insurance Premium(500000)
Life Insurance Premium(800000)
Donations(350000)
Total Taxable Income28,23,50,000

 

Slide 7 – About Sachin Tendulkar 

Sachin Ramesh Tendulkar is an Indian cricketer widely regarded as one of the greatest batsmen in the history of cricket. He is the leading run-scorer and century maker in Test and one-day international cricket.

He is the first male player to score a double century in ODI cricket. In 2002, just 12 years into his career, Wisden ranked him the second greatest Testbatsman of all time. Tendulkar was an integral part of the 2011 Cricket World Cup winning Indian team at the later part of his career, his first such win in six World Cup appearances for India.

Slide 8 – Income under the head salary

ParticularsAmount(in Rs.)Amount (in Rs.)
Basic  Salary

Retainship fees:

Fees for test matches played.

Fees for ODI

IPL:

For Deal.

For Matches played.

INCOME UNDER HEAD ‘SALARY’

8,10,00,000

1,10,00,000

3,34,00,000

    84,00,000

1,00,00,000

9,20,00,000

4,18,00,000

14,38,00,000

Slide 9 – Income from house property

PARTICULARSAMOUNT  (IN RS.)AMOUNT

(IN RS.)

AMOUNT

(IN RS.)

SELF OCCUPIED PROPERTY.

Net Annual Value.

Less Deductions u/s 24:

>Standard Deductions.

>Interest on Capital Gains.

Income from self occupied house property

NIL

NIL

NIL

 

39,00,00,000

(11,70,00,000)

NIL

NIL

LETOUT PROPERTY

Net annual value

Less deductions u/s 24:

Standard deduction.

Interest on capital borrowings.

Income from let-out house property.

TOTAL INCOME FROM HOUSE PROPERTY

NIL

NIL

NIL

NIL

NIL

NIL

27,30,00,000

Slide 10 – Income from other sources

PARTICULARSAMOUNT (IN RS.)AMOUNT (IN RS.)
Endorsements.

Rewards.

Less: Fully exempt.

Medical insurance paid

TOTAL INCOME FROM OTHER SOURCES.

40,00,000

(40,00,000)

60,00,00,000

NIL

25,000

 

60,00,25,000

Slide 11 – Net Taxable Income

PARTICULARSAMT
Income under the Head Salary14,38,00,000
Income under House Property27,30,00,000
Income from other Sources60,00,25,000
Less: DEDUCTIONS:
Medical Insurance Premium(7000000)
Life Insurance Premium(3200000)
Donations(2350000)
NET TAXABLE INCOME1,00,42,75,000

Slide 12 – About Gautam Gambhir

Gautam Gambhir  (born on 14 October 1981, in Delhi) is an Indian cricketer, a batsman. He has been a member of the Indian national cricket team since 2003 (ODIs) and 2004 (Tests). Gambhir had been a prolific run-scorer in domestic cricket with an average of over 50.

Gambhir became only the fourth Indian batsman to score a double century in a tour game at home; the previous three being Sunil Gavaskar, Dilip Vengsarkar and Sachin Tendulkar.

On July 2009, for a period of ten days he was the number one ranked batsman in ICC Test rankings.

Slide 13 – Income under the head salary

ParticularsAmount(in Rs.)Amount (in Rs.)
Basic  Salary

Retainship fees:

>Fees for test matches played.

>Fees for ODI

IPL:

>For Deal.

>For Matches played.

Less: Deductions under section 16:

          > Entertainment allowances.

          > Professional fees.

INCOME UNDER HEAD ‘SALARY’.

70,00,000

76,00,000

8,83,00,000

    34,00,000

       

      (10,000)

           ——-

1,00,00,000

1,46,00,000

9,17,00,000

(10,000)

11,62,90,000

Slide 14 – Income from house property

PARTICULARSDETAILSAMOUNT
Reasonable lettable value=
Municipal Valuation-(1)nil
Fair Rent-(2)nil
Whichever is higher(1) or (2)=(3)nil
Standard rent-(4)nil
Whichever is lower(3) or (4)nil
 Reasonable lettable value-(5)nil
Rent recievable/ rent received-(6)nil
Reasonable lettable valuenil
Whichever is higher(5) or (6)nil
Annual Valuenil
Less:municipal taxes paid(nil)
Net Annual Valuenil
Less:Deductions u/s 24:
Standard deductionnil
Interest on capital borrowed(24,00,000)
less: exempt1,50,000(22,50,000)
INCOME FROM HOUSE PROPERTY-(B)(22,50,000)

Slide 15 – Income from other sources

PARTICULARSAMOUNT (IN RS.)AMOUNT (IN RS.)
Endorsements.

Rewards.

Less: Fully exempt.

Medical insurance paid

TOTAL INCOME FROM OTHER SOURCES.

50,00,000

(50,00,000)

4,00,00,000

 

NIL

30,000

 

4,00,30,000

Slide 16 – Net Taxable Income

PARTICULARSAMOUNT(In Rs.)
1.Income under head ‘salary’.

2.Add: Income from house property.

3.Add: Income from other sources.

4.Less: Deductions.

NET TAXABLE INCOME OF

Gautam Gambhir.

11,62,90,000

(22,50,000)

4,00,30,000

(30,000)

15,40,40,000

Slide 17 – About VVS Laxman

V.V.S. Laxman, is an Indian cricketer. Laxman represents Hyderabad in domestic cricket.Laxman is the great grand nephew of Dr. Sarvepalli Radhakrishnan, former President of India. He was the captain of the Deccan Chargers team in the Indian Premier League in its first year before being replaced by Adam Gilchrist for the next year. In 2011, Laxman was awarded with Padma Shri award, India’s fourth highest civilian award from the Government of India.

Laxman bats right-handed and occasionally bowls off-spin. He is noted for his superb timing and the ability to hit against the spin.

Slide 18 – Income under the head salary

ParticularsAmount
Central contract by BCCI10000000
Fees for test matches45000000
IPL salary5000000
Income Under The Head “Salary”60000000

Slide 19 – Income from house property

ParticularsDeemed to be let out propertyLet out propertySelf occupied property
Municipal Valuation150000000NIL50000000
Fair Rent120000000NIL35000000
Higher of Municipal  Value and fair rent150000000NIL50000000
Less:Municipal  Taxes30000000NIL15000000
Net Annual Value120000000NIL35000000
Less:Deduction u/s 24NILNILNIL
Standard Deductions(30%)36000000NIL10500000
Income From House Property840000000NIL24500000

Slide 20 – Income from other sources

ParticularsAmountAmount
Honorary From the State of Andra Pradesh7500000
Lifetime passes for Indian Railway

Less:Exempt

500000

500000

NIL
Cash Reward 15000002500000
Endorsements1000000010000000
Income From Other Sources20000000

Slide 21 – Net Taxable Income

ParticularsAmount
Income Under The Head “Salary”60000000
Income From House Property108500000
Income From Other Sources20000000
Less:Deductions
Medical Insurance Premium(5000000)
Life Insurance Premium(3000000)
Donations(2000000)
NET TAXABLE INCOME178500000

Slide 22 – About Rahul Dravid

Born on the 11 January 1973 and has been a regular member of the indian cricket team since 1996. Dravid was honoured as one of the top-five Wisden Cricketers of the Year in 2000.Dravid was also awarded the ICC Player of the Year and the Test Player of the Year at the inaugural awards ceremony held in 2004.

He holds the record of having taken the most number of catches in Test cricket.

On November 24, 2011, He became the second international player to reach 13,000 runs in Test Cricket only after Sachin Tendulkar.

On December 14, 2011, he became the first non-Australian cricketer to address at the Bradman Oration in Canberra.

Slide 23 – Income from profession

ParticularsAmount
Central contract by BCCI1,50,00,000
Fees for Test Matches4,70,00,000
IPL Salary1,25,00,000
Income from Profession7,20,00,000

Slide 24 – Income from house property

ParticularsKarnataka (SOP)Mumbai (LOP)
Municipal ValuationNil9,00,00,000
Fair RentNil7,50,00,000
Higher of Municipal Value and Fair RentNil9,00,00,000
Less: Municipal TaxNil4,00,00,000
Net Annual ValueNil5,00,00,000
Less: Deduction u/s 24NilNil
Standard Deduction (30%)Nil1,50,00,000
Income from House PropertyNil3,50,00,000

Slide 25 – Income from other sources

ParticularsAmount
Honorary from the state of Karnataka.80,00,000
Cash Reward by Hockey India25,000
Life Time Achievement Award by NDTVNIL
Endorsements9,00,00,000
Income from Other Sources9,80,25,000

Slide 26 – Net Taxable Income

ParticularsAmount
Income from Profession 7,20,00,000
Income from Other Sources9,80,25,000
Income from House Property3,50,00,000
Less: Deductions
Medical Insurance Premium(500000)
Life Insurance Premium(800000)
Donations(325000)
Total Taxable Income20,33,75,000

Slide 27 – About Sreeshant

Sreesanth was born on February 6, 1983 in Kothamangalam, Kerala, India, is an Indian cricketer.

He is a right-arm fast-medium-pace bowler and a right-handed tail-ender batsman.

In first class cricket, he plays for Kerala and in the Indian Premier League, he plays for Kochi Tuskers Kerala.

He is the first kerala  Ranji player to play Twenty20 cricket for India.

Sreesanth was a national break dancing champion when he was in eighth grade

Slide 28 – Income under the head salary

ParticularsAmount(in Rs.)Amount (in Rs.)
Basic  Salary

Retainship fees:

Fees for test matches played.

Fees for ODI

IPL:

For Deal.

For Matches played.

INCOME UNDER HEAD ‘SALARY’

70,00,000

80,00,000

2,25,00,000

40,00,000

25,00,000

1,50,00,000

2,65,00,000

4,40,00,000

Slide 29 – Income from house property

PARTICULARSAMOUNT  (IN RS.)AMOUNT

(IN RS.)

AMOUNT

(IN RS.)

SELF OCCUPIED PROPERTY.

Net Annual Value.

Less Deductions u/s 24:

>Standard Deductions.

>Interest payable on capital borrowed

(-)exempted

NIL

NIL

NIL

 

NIL

NIL

1000000

(150000)

LETOUT PROPERTY

Net annual value

Less deductions u/s 24:

Standard deduction.

Interest on capital borrowings.

Income from let-out house property.

TOTAL INCOME FROM HOUSE PROPERTY

NIL

NIL

NIL

NIL

NIL

NIL

(850000)

Slide 30 – Income from other sources

PARTICULARS.AMOUNT (IN RS.)
Endorsements.(5)

Rewards.

Less: Fully exempt.

Medical insurance paid

GROSS INCOME:

LESS: DEDUCTIONS under Chapter 5.

Medical Insurance.

TOTAL INCOME FROM OTHER SOURCES:

2,50,00,000

NIL

NIL

2,50,00,000

2,50,000

2,47,50,000

Slide 31 – Net Taxable Income

PARTICULARSAmount
Income under the Head Salary4,40,00,000
Income under House Property(8,50,000)
Income from other Sources2,47,50,000
Less: DEDUCTIONS:
Medical Insurance Premium(7,00,000)
Life Insurance Premium(3,20,000)
Donations(2,35,000)
NET TAXABLE INCOME6,66,45,000

 

Slide 32 – Comparision Of the net taxable income of cricketers

  • Virender Sehwag – Rs.28,23,50,0000
  • Sachin Tendulkar – Rs.1,00,42,75,000
  • Gautam Gambhir – Rs.15,40,40,000

Slide 33 –  Comparision Of the net taxable income of cricketers

  • Rahul Dravid – Rs. 20,50,25,000
  • Sreeshant – Rs. 20,50,25,000
  • V.V.S. Laxman – Rs. 17,85,00,00

 

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