An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.
The tribunal noted that Tendulkar had received an amount of Rs 19,92,27,085 as gross receipts from sports sponsorship and advertisements, which included an amount of Rs 5,92,31,211 received in convertible foreign exchange from ESPN Star Sports, Pepsico Inc and VISA.
The cricketer had claimed deduction u/s 80 RR amounting to Rs 2,08,59,707 on account of receipt of Rs 5,92,31,211.
Income tax slabs 2011-2012 for General tax payers
| Income tax slab (in Rs.) | Tax
|
|---|
| 0 to 1,80,000 | No tax
|
| 1,80,001 to 5,00,000 | 10%
|
| 5,00,001 to 8,00,000 | 20%
|
| Above 8,00,000 | 30%
|
Income tax slabs 2011-2012 for Women
| Income tax slab (in Rs.) | Tax
|
|---|
| 0 to 1,90,000 | No tax
|
| 1,90,001 to 5,00,000 | 10%
|
| 5,00,001 to 8,00,000 | 20%
|
| Above 8,00,000 | 30%
|
Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) | Tax
|
|---|
| 0 to 2,50,000 | No tax
|
| 2,50,001 to 5,00,000 | 10%
|
| 5,00,001 to 8,00,000 | 20%
|
| Above 8,00,000 | 30%
|
Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)
| Income tax slab (in Rs.) | Tax
|
|---|
| 0 to 5,00,000 | 0%
|
| 5,00,001 to 8,00,000 | 20%
|
| Above 8,00,000 | 30% |
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