Source: the Hindu ,K.R. Srivats
New Delhi, March 29,2010
The third edition of the Indian Premier League is turning out to be a money spinner not only for the organisers but also for the taxman.
The Government has already mopped up over Rs 110 crore as tax deducted at source (TDS) in the first fortnight of the event , which began on March 12 and is to run for six weeks.
The TDS on various incomes received by the Board for Cricket Control in India towards IPL-3 stood is at about Rs 61 crore, official sources said.
The TDS on certain expenses by BCCI resulted in TDS mop-up of Rs 5 crore. The TDS collections for IPL-1, which was held in India in 2008, were about Rs 90 crore. The Tax Department did not get much from the second edition of IPL as it was held in South Africa.
Currently, there are eight franchises and two more would join next year. These eight teams were auctioned in 2008 for $725 million, slightly higher than the auction amount of $703 million garnered from the latest entrants — Pune and Kochi — on March 21.
Last year, Multi Screen Media and World Sport Group bought the telecast rights for IPL for Rs 8,200 crore for nine years. The contract runs up to 2017-18. IPL gets only 20 per cent of the broadcast fees, while 72 per cent is distributed among franchises and the remaining 8 per cent is for prize money.
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