Players will get crores on winning T-20 WC, but this amount will go in tax

After India won the World Cup, when Team India was receiving congratulations from all over the world, the Board of Control for Cricket in India announced a huge prize money along with the congratulations. After this announcement by BCCI, there is a lot of discussion about the prize money, because this amount is Rs 125 crore. BCCI will give Rs 125 crore to the Indian team, but it is not clear yet how this amount will be distributed. But, it is still believed that every player will have a good amount in his account.

But, do you know that the player does not get the declared amount? Tax is first deducted on this amount by the government and then the remaining amount is given to the player. So do you know how much tax is deducted on this money?

How much reward will you get?

The Indian cricket team will also be given prize money by the International Cricket Council. The ICC will give the winning team 2.45 million dollars, i.e. about 20.42 crore rupees. Apart from this, the South African team will be given 1.28 million dollars, i.e. about 10.67 crore rupees. The Indian cricket team will be given 125 crore rupees by the BCCI, which is a huge amount.

How much tax will be deducted?

If we talk about this amount given to the players, then there can be two conditions for it and there is a different tax system on both the conditions. According to a tax expert, this money can be given to the players in two ways. If this money is given to the players as professional fees along with their fees, then first 0% TDS will be deducted on this amount.

Will have to pay tax up to 30 percent

TDS will be deducted on this amount as per section 194JB. After this, this money will be reflected in their income and income tax will be determined in ITR. If this amount is given as a reward, then there is a different tax system. If the tax is given in the form of prize money, then 3 percent TDS is first deducted by the government. In such a situation, up to 30 percent tax will be deducted under section 14B and the remaining amount will be given to the player. He says that at present this amount is being considered as prize money, in such a situation, players may have to pay up to 30 percent tax.

For example, if a player gets Rs 1 crore as his share, then around Rs 30 lakh will be deducted as TDS and only Rs 70 lakh will be paid to the players. From this, you can guess how much money will come into the player's account.