125 Crore Prize Money Distribution: The Indian team won the T20 World Cup 2024 title on Saturday, June 29. Team India, captained by Rohit Sharma, won the title by defeating South Africa in the final. After this victory, BCCI announced a prize money of Rs 125 crore for the team. This prize money has been given to the entire team, which includes team players, sports staff and reserve players. So let us know how the prize money of Rs 125 crore will be distributed among the Indian players and how much money will be deducted from it as tax.
Apart from BCCI, ICC has also given prize money of about Rs 20 crore to the Indian team. So let’s first talk about the tax on this amount. A report by Aaj Tak said that players are paid in two ways. If players are paid in the form of professional fees along with their fees, then 0 percent TDS will be deducted on the amount. TDS will be deducted on one amount under section 194 JB. Then this money will be reflected in the income of the players and the decision will be made according to the income tax in ITR.
On the other hand, if this amount is given to the players in the form of prize money, then tax will be levied on it accordingly. TDS of 3 percent will already be deducted on the prize money. Then in this situation, up to 30 percent tax will be deducted on the amount and the remaining amount will be given to the players.
How will the prize money of Rs 125 crore be distributed?
According to media reports, the prize money of Rs 125 crore will be distributed among 15 members of the team, 4 reserve players and about 15 members of the team’s support staff. In this, about Rs 5 crore each can be given to the 15 main players of the team. Apart from this, the support staff and the remaining four reserve players can be given an amount of Rs 1 crore each.
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