Tax final my part

Group 8 – Cricketers Taxable Income For Previous Year 2010 - 2011

Fagun Mittal 155Saurabh Arya 164 Stuti Agarwal 170Ruchi Mehta 159Keshav Mohan 138Sagar Gosrani 160

FagunMittal 155 • Fagun Mittal 155

Zaheer KhanLeft arm fast bowler for Indian Cricket Team since

2000Claimed maximum wickets in WC2011i.e 21highest Test score by a number 11 batsmen-

75runsHighest partnership for 11th wicket – 133 runsApart from being a bowler, has a restaurant on his

in Pune called ‘ZK’s’33years old ,Born in Shrirampur , Maharashtra

Income from Head SalaryEmployed as Air India Executive

Particulars Amount (Rs) Amount (Rs)

Basic Salary (12 X 25,000) 3,00,000

Add : Dearness Allowance ( 15% of Basic ) 45,000

Add : Entertainment Allowance (12X 2100) 25,200

Add : House Rent Allowance ( Stays with Parents ) 24,000

Perquisites : 1. Life Insurance Premium 14,000

2. Value of Stock Options 16,000

Bonus ( 10% of Basic ) 30,000

Gross Taxable Income 4,54,200

Less : Deductions u/s 16 1. Entertainment Allowance 2. Professional Tax

NIL30,000

NIL

Income Under the head Salary 4,24,200

Income from House PropertyParticulars Mumbai

(Parel) (SOP)Shrirampur

Fair Rent 4,65,00,000 17,00,000

Municipal Valuation 4,00,00,000 3,00,000

Higher of Fair rent & Municipal Valuation 4,65,00,000 17,00,000

Standard Rent Nil 6,00,000

Higher of Reasonable Letable Value and Standard Rent ( 1 )

Nil 17,00,000

Actual Rent ( 2 ) Nil Nil

Gross Annual Value (Higher of 1 and 2 ) Nil 17,00,000

Less : Municipal Taxes Paid Nil 25,000

Net Annual Value Nil 16,75,000

Less : Deductions u/s 24

i) Standard Deduction (30%) Nil -5,02,500

Income From House Property Nil 11,72,500

Income From Business/ProfessionPARTICULARS AMOUNT (Rs.)

Retainership Fees :-

General fees from BBCI (Grade A player) 1,00,00,000

Test Matches(6x7L) 42,00,000

ODI(20x4L) 80,00,000

T20(3xx2L) 6,00,000

IPL 1,44,00,000

Total Income form Business/Profession 3,32,00,000

Particulars Amount (Rs)

Amount(Rs

)

Income from Endorsements(Dabur, Addidas, Airtel Dish TV , Kingfisher , Nike etc)

7,00,00,000

Royalty from Restaurant “ ZK’S – Pune ” 2,00,00,000

Income from Other sources 9,00,00,000

Computation of Income from Other Sources

ExemptionsAll Price Money Received from BCCI for matchesArjuna Award Received from Government of India

Income from Capital GainsParticulars Amount (Rs.)

Gain from Investments in Equity Market with IndiaBulls Financial Services

1,00,000

Total 1,00,000

Related Facts

• House in Parel is Self Occupied and moved in with Actress Isha Sharwani• Born in Shrirampur , Property is

Deemed to be let out and is owned by him.• His brother and Uncle run restaurant

called Zk’s in Pune , Zaheer visits it on his Free Weekends to Promote it.


1. Income under the head salaries 4,24,200

2. Income from house property 11,72,500

3. Profits and Gains from Business / Profession 3,32,00,000

4. Capital Gains 1,00,000

5. Income from other sources 9,00,00,000

Gross Total Income 12,48,96,700

Less : Deductions under Chapter 6 A 41,500

Total Income ( A – B ) 12,48,55,200

Computation of Total Income

• Saurabh Arya 164

Introduction about Virat Kohli

Virat Kohli Born: Nov 05 , 1988, Delhi Team: India, Bangalore Royal

Challengers Batting Style: RHS Bowling Style: RHS Test Debut: NA ODI Debut: vs Sri Lanka -Aug

18, 2008 Twenty20 Debut: vs Zimbabwe -

Jun 12, 2010

Computation of Income from SalaryEmployed as Executive in BPCL

Particulars AmountsBasic Salary 1,00,000

ADD: Dearness Allowance 25,000

Entertainment Allowance 5,000

Premium from Medical Claim Insurance (Fully Exempt)

1,50,000

Leave Encashment (Fully Exempt)

10,000

GROSS TAXABLE INCOME 1,30,000

LESS: Deduction U/S 16

i) Professional Tax 1,000

ii) Entertainment Allowance 5,000

Income under the Head Salary 1,24,000

Computation of Income from House PropertyParticulars New Delhi (SOP)

Fair Rent 1,50,00,000

Municipal Valuation 1,25,00,000

Higher of Fair rent & Municipal Valuation 1,50,00,000

Standard Rent Nil

Higher of Reasonalble Letable Value and Standard Rent ( 1 ) Nil

Actual Rent ( 2 ) Nil

Gross Annual Value (Higher of 1 and 2 ) Nil

Less : Municipal Taxes Paid Nil

Net Annual Value Nil


i) Standard Deduction (30%) Nil

Income From House Property Nil

Computation of Income from ProfessionParticulars Amount Amount

1. Retainership Fees from BCCI ( Grade B ) 50,00,000

2. Fees from Matches

1. Test Matches Nil

2. ODI ( 30 X 4,00,000) 1,20,00,000

3.T20 ( 3 X 2,00,000 ) 6,00,000

4. IPL 14,00,00,000

3. Endorsements 5,00,00,000

Less : Expenses

A . Fines During Matches

1. IPL 2,00,000

2. ODI 50,000 2,50,000

Income from Professional 20,73,50,000

Income from Other Sources

Particulars Amount Amount

Dividend

World Cup Ltd 8,00,000

ADD: T.D.S 2,00,000 10,00,000

Winning from betting 5,00,000

Gifts(non-family) 4,00,000

Rewards Received

Delhi Govt. 50,00,000

BCCI 1,00,00,000 Exempted

Total 19,00,000



2. Income from house property Nil

3. Profits and Gains from Business / Profession

20,73,50,000


5. Income from other sources 19,00,000

Gross Total Income 21,38,74,000(A)

Less : Deductions under Chapter 6 A 1,50,00,000 1,50,00,000(B)

Total Income ( A – B ) 19,88,74,000


• Stuti Agarwal 170

Yuvraj Singh is an Indian cricketor. He has been a member of the Indian cricket team since 2000 (ODIs) and played his first Test match in 2003. He was the vice captain of the ODI team from late-2007 to late-2008.

At the 2007 World T20 he hit six sixes in an over against England. He was named the Man of the Tournament in the 2011 Cricket World Cup.

The Kings XI Pubjab's highest-paid player is Yuvraj Singh, making him the third richest cricketer over the last 12 months. Singh, who's 27 years old, was once awarded a Porsche 911 and $250,000 as a prize for his batting achievements in a

tournament.

Particulars Amount

Salary(500000*12) 60,00,000

Dearness allowance 7,30,000

Entertainment allowance(4000*12) 48,000

Conveyance allowance 4,00,000

Perquisites 2,00,000

Gross salary 73,78,000

Less: deduction u/s 16

Entertainment allowance Nil

Profession tax 50,000

INCOME FROM THE HEAD SALARIES 73,28,000

Income from salary

Particulars Amount

Retainership fees 50,00,000

Fees from matches•Test matches7,00,000*3)•ODI(4,00,000*15)•T20(2,00,000*6)•IPL

21,00,00060,00,00012,00,0004,50,00,000

Less: expenses

fines 5,00,000

Income from profession 5,88,00,000

Income from profession

PARTICULARS AMOUNT(RS)

AMOUNT(S)

Income from endorsements 65,30,000

Awards and winnings from IPL 4,00,00,000

Income from winning ‘dus ka dum’ 99,99,000

Income from other sources 5,65,29,000

Income from other sources

Yuvraj Singh, named player of the tournament, endorses Reebok and

Birla Sun Life Insurance Co. His annual fee just jumped to 60 million

rupees ($1.3 million) from 45 million rupees before the event.

He earned $1 million from the team and another $4 million from

endorsements, primarily from Reebok and Fiat

Central Excise Department of India has served the notice to Yuvraj

Singh to pay Rs. 1.15 Crore as Service tax on the income of IPL and the

Endorsement. The legal notice has been also sent to Yuvraj Singh for

them.

http://topics.bloomberg.com/yuvraj-singh/

http://topics.bloomberg.com/reebok/

Particulars Delhi(DLOP)

Chandigarh(SOP)

Municipal Valuation 7,50,00,000 NIL

Fair Rent 4,50,00,000 NIL

Higher of Municipal Value& Fair Rent 7,50,00,000 NIL

Standard Rent NA NIL

Gross Annual Value(GAV) 750,00,000 NIL

Less: Municipal Taxes 50,00,000 NIL

Net Annual Value 7,00,00,000 NIL

Less: Deduction u/s 24

Standard Deductions (30%) 2,10,00,000 NIL

INCOME FROM HOUSE PROPERTY 4,90,00,000 NIL

Income from house property

PARTICULARS AMOUNT

Income from Salaries 73,28,000

Income from profession5,88,00,000

Income from Other Sources 5,65,29,000

Income from House Property 4,90,00,000

Less: DEDUCTIONS:

Medical Insurance Premium 12,00,000

Life Insurance Premium 2,00,000

Donations 20,00,000

NET TAXABLE INCOME 16,82,57,000

Computation Of Net Taxable Income

• Ruchi Mehta 159

Full name: Suresh Kumar RainaBorn: November 27, 1986, Muradnagar,

Ghaziabad, Uttar PradeshCurrent age: 25 yearsMajor teams: India, Chennai Super Kings Also known as: SanuPlaying role: Batsman


Basic Salary (12 X 33,000) 3,96,000

Add : Dearness Allowance ( 15% of Basic ) 59400

Add : Transport Allowance (12X 5000) 60,000

Less : Exempt (800X12) (9,600) 50,400

Perquisites : 1. Value of Accommodation 15,000

2. Medical Insurance Premium 22,000

Less: Not taxable (22,000) NIL



NIL20,000

(20,000)


Computation of Income from SalaryEmployed in IOC Ltd.

Computation of Income from House PropertyParticulars Mumbai

(SOP)

Lucknow

Fair Rent (A) - 50,00,000

Municipal Valuation (B) - 35,00,000

Higher of Fair rent & Municipal Valuation (C) - 50,00,000

Standard Rent (D) - 10,00,000

Reasonable Letable Value (E) - 10,00,000

Actual Rent (F) - 2,40,000

Gross Annual Value (Higher of E and F ) NIL 10,00,000

Less : Municipal Taxes Paid NIL (90,000)

Net Annual Value NIL 9,10,000


i) Standard Deduction (30%) NIL (2,73,000)



1. Retainership Fees from BCCI ( Grade A ) 1,00,00,000


1. Test Matches (3 X 7,00,000) 21,00,000

2. ODI ( 25 X 4,00,000) 1,00,00,000

3.T20 ( 3 X 2,00,000 ) 6,00,000

4. IPL 1,65,00,000

Less : Expenses


1. IPL (2,00,000)

Income from Profession 3,31,50,000





3,31,50,000


5. Income from other sources 99,000


Less : Deductions under Chapter 6 A 32,00,000(B)

Total Income ( A – B ) 3,16,86,800


MS Dhoni

• Keshav Mohan 138

Income from SalariesEmployed as PRO in Indian Railways

Particulars AmountsBasic Salary 3,00,000

ADD: Dearness Allowance 45,000

Entertainment Allowance 5,000

Premium from Medical Claim Insurance 2,00,000(Exempt)

Payment from Statutory Provident Fund 1,50,000(Exempt)

Leave Encashment 13,500 (Exempt)

GROSS TAXABLE INCOME 3,50,000

LESS: Deduction U/S 16

i) Professional Tax 1,000

ii) Entertainment Allowance 5,000

Income Under The Head Salaries 3,44,000

Income from House PropertyParticulars Ranchi Delhi Kolkata Chennai

Fair Value 15,00,000 3,00,000 1,70,000 40,00,000

Municipal Valuation 20,00,000 7,50,000 1,50,000 40,00,000

HIGHER OF FV & MV 20,00,000 7,50,000 1,70,000 40,00,000

Standard Rent NA 7,20,000 1,75,000 --

RLV<STANDARD RENT NA 7,20,000 1,70,000 --

Actual Rent NA 7,30,000 1,90,000 --

GAV(HIGHER OF THE 2) 0 7,30,000 1,90,000 --

LESS: Municipal Taxes Paid NA 76,000 20,000 --

NAV NA 6,54,000 1,70,000 --

LESS: Deductions U/S 24

i) Standard Deduction (30%) NA 1,96,200 51,000 --

INCOME FROM HOUSE PROPERTY

NIL 4,57,800 1,19,000 NIL

Income from House Property

•The house in Ranchi is self occupied.

•The house in Kolkata is an old property that has been let out for

many years now.

•The house in Delhi is deemed to be let out.

•The land in Chennai has no income from house property as it is

used for business.

•The Jharkhand and Mussourie estates are only promises.

Income from Business/Profession

Particulars AmountA) Retainership Fees

General fee from BCCI 1,00,00,000

Test Matches 77,00,000

ODI 96,00,000

T20 48,00,000

IPL 7,00,00,000

B) Sports Academy in Chennai Nil

TOTAL INCOME FROM BUSINESS/PROFESSION: Rs.10,21,00,000

Income from Capital GainsParticulars Amount

Sale Price 20,00,00,000

LESS: Expenses on Transfer 50,00,000

Net Sale Consideration 19,50,00,000

LONG TERM CAPITAL GAIN 19,50,00,000

LESS: Exemption U/S 54

I) Cost of Purchase of New House(New Delhi)

5,00,00,000

Income from Other SourcesParticulars Amount Amount

Dividend

World Cup Ltd 10,00,000

ADD: T.D.S 2,00,000 12,00,000

Winning from betting in Derby 5,00,000

Endorsements 40,00,00,000

Rewards Received

Delhi Govt. 2,00,00,000

BCCI 1,00,00,000 Exempted

NOTE: The Central Govt. has notified that govt. rewards are exempted.




3. Profits and Gains from Business / Profession 10,21,00,000

4. Capital Gains 24,50,00,000

5. Income from other sources 40,17,00,000


Less : Deductions under Chapter 6 A U/S 80 C Interest on NSCU/S 80 D Mediclaim (limited to 15,000)

75,00015,000

90,000(B)

Total Income ( A – B ) 74,96,30,800


Rohit SharmaSagar Gosrani 160

Introduction about Rohit Sharma

He made his ODI debut against Ireland at Belfast ,although he did not bat in the match

Sharma made his mark at the international stage by hitting an unbeaten fifty against South Africa in the 2007 Twenty20 World Cup and a 16-ball 30 against Pakistan in the final of the tournament.

Sharma played the first three seasons of IPL for Deccan Chargers and in the players' auction for IPL 4, he was sold for $2m to Mumbai Indians.

Rohit Sharma was born to Telugu parents . Sharma completed his primary education at Our Lady School , Mumbai .

Residential Status of Rohit Sharma

Particulars Departure Arrival

Australia 30th April 2010 15th May 2010

England 5th June 2010 4th July 2010

West Indies 1st January 2011 23rd February 2011

Days Outside India during previous year 2010- 11 is 100 Days .

So Rohit Sharma is an Ordinary Resident for Previous year 2010 – 11.


Basic Salary (12 X 20,000) 2,40,000

Add : Dearness Allowance ( 15% of Basic ) 36,000

Add : Entertainment Allowance (12X 2000) 24,000

Add : House Rent Allowance ( Stays with Parents ) 24,000

Perquisites : 1. Life Insurance Premium 15,000

2. Value of Stock Options 12,000

Bonus ( 10% of Basic ) 24,000



NIL30,000

NIL


Computation of Income from SalaryEmployed as Reliance Executive.

Computation of Income from House PropertyParticulars Bandra

(SOP)Nagpur

Fair Rent 2,50,00,000 20,00,000

Municipal Valuation 2,00,00,000 5,00,000

Higher of Fair rent & Municipal Valuation 2,50,00,000 20,00,000

Standard Rent Nil 10,00,000

Higher of Reasonable Let able Value and Standard Rent ( 1 )

Nil 20,00,000

Actual Rent ( 2 ) Nil Nil

Gross Annual Value (Higher of 1 and 2 ) Nil 20,00,000

Less : Municipal Taxes Paid Nil 50,000

Net Annual Value Nil 19,50,000


i) Standard Deduction (30%) Nil - 5,85,000


•The house in Bandra is self occupied by Rohit Sharma and his family

•The house in Nagpur is deemed to be let out as no it is not given on rent and is used as vacation house by him and is owned by Rohit Sharma .

•He also has land in Nagpur with a cost of Rs 20,00,000.


1. Retainership Fees from BCCI ( Grade C ) 25,00,000


1. Test Matches Nil

2. ODI ( 15 X 4,00,000) 60,00,000

3.T20 ( 2 X 2,00,000 ) 4,00,000

4. IPL 8,80,00,000

3. Income from Endorsements 2,50,00,000

12,19,00,000

Less : Allowable Expenses


1. IPL 1,00,000

2. ODI 50,000 1,50,000

Income from Professional 12,17,50,000

Income from Capital GainsParticulars Amount

(Rs )Amount (Rs.)

Gains from sale of Long term Investments in Equity Market in Reliance Ltd

53,71,143

Full Value of Consideration

Gains from sale of Car – BMW 5 Series bought in 07 – 08

25,00,000

Less : Cost of Acquisition ( 30,00,000 X 711 ) 551

38,71,143 (13,71,143 )

Total Capital Gains 40,00,000

Particulars Amount (Rs) Amount(Rs)

Award from Maharashtra GovtLess : Fully Exempt

5,00,0005,00,000

Nil

Dividends from shares of Reliance Ltd, 45,000

Gifts from Friends 15,00,000

Gifts from Relatives 5,00,000

Less : Fully Exempt 5,00,000 Nil

Royalty from Perfume Firm “ Rohit ‘s Signature ” 5,55,000

Income from Other sources 21,00,000

Computation of Income from Other Sources

ExemptionsAll Prize Money Received from BCCIArjuna Award Received from Government of India





12,17,50,000


5. Income from other sources 21,00,000


Less : Deductions under Chapter 6 A 1. Investments in 54 – EC REC Bond 2. Investment in NSC 3. Medical Insurance Premium of Parents and Self ( 15,000 + 5,000)

50,00015,00015,000

20,000

50,000(B)

Total Income ( A – B ) 12,95,10,000


Comparison of All the Cricketers

Comparison Particulars Zaheer

KhanVirat Kohli

Yuvraj Singh

Suresh Raina

MS Dhoni

Rohit Sharma

1. Income under the head salaries

4,24,200 1,24,000 73,28,000 5,00,800 3,44,000 3,45,000

2. Income from house property

11,72,500 Nil 5,88,00,000 6,37,000 5,76,800 13,65,000


3,32,00,000

20,73,50,000 5,65,29,000 3,31,50,000 10,21,00,000 12,17,50,000

4. Capital Gains 1,00,000 45,00,000 4,90,00,000 5,00,000 24,50,00,000 40,00,000

5. Income from other sources

9,00,00,000

19,00,000 12,00,000 99,000 40,17,00,000 21,00,000

Gross Total Income 12,48,96,700 21,38,74,000(A) 2,00,000 3,48,86,800(A) 74,97,20,800(A)

12,95,60,000(A)

Less : Deductions under Chapter 6 A

41,500 1,50,00,000(B) 20,00,000 32,00,000(B) 90,000(B) 50,000(B)

Total Income ( A – B ) 12,48,55,200

19,88,74,000

16,82,57,000

3,16,86,800

74,96,30,800

12,95,10,000

Conclusion

The Highest income among our Group ‘ s cricketers in of M S Dhoni .

Also the cricketers have a major portion of earnings from Profession which is by virtue of their IPL Contracts and Endorsement money which they receive .

Also not many cricketers have a lot of Deductions taken by them .

Thank You

Tax final my part

Economy & Finance

Transcript of Tax final my part