IPL to fetch revenue for Income Tax

MUMBAI: Though it did not take place in India, the second edition of the Indian Premier League (IPL) could add to the taxman‘s kitty.

Media reports state that the IPL would fetch revenue under the tax deducted at source category. The income tax department feels that the tournament, was conducted by the Board of Control for Cricket in India (BCCI), which is registered in India.

Income tax authorities have been quoted in reports saying that the IPL was not registered as a separate organisation and would fetch revenue as section 194E of the I-T Act enables deduction at source.

The taxman earned Rs. 910 million from the first edition of the IPL.