Rs.400 Crore as tax charged from IPL3

In the latest news on the IPL controversies, the I-T department has charged nearly Rs.400 crore as tax for the Indian Premier League Season 3. This amount has been collected as TDS (Tax Deducted at Source), calculated on the remuneration paid to the IPL players and other members.

Reportedly, this amount is not final and the I-T department is still calculation the final figures to be collected as TDS. The final calculation can only be made after receiving information from all the franchises.

The I-T officials are also investigating the source of funding of the IPL tournaments and they suspect illegal flow of funds from outside the country as well. Right now, the I-T officials are investigating into the matter by analyzing financial details and by going through various documents that they have collected from the IPL officials and the franchises.

In fact, a special cell of investigation has been created by the I-T department in Mumbai to investigate the IPL transactions and analyze them in minute details. There are as many as eight investigation wings of this investigation team their final report is expected to make the things all clear.

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