MS Dhoni pays Rs. 12.17cr as income tax; largest tax return from the states of Bihar and Jharkhand
What's the story
Legendary Indian wicket-keeper batsman and former captain MS Dhoni has filed an income tax return of Rs 12.17 crores for the assessment year of 2017-2018 from the state of Jharkhand. He has also declared an advance tax of Rs 3 crore for the next financial year of 2018-2019, according to nation-wide media reports.
In case you didn't know...
The last date for the filing of income tax returns for the 2017-2018 Fiscal Year for all Indian civilians is 31 July 2018, which is just seven days ahead of today.
Time and time again, the Income Tax department has issued notices and warnings on the risks that salaried employees tend to run in when they under-report their income or inflate tax deductions when filing Income Tax returns. The organization has warned that any discrepancy regarding the issue will lead to serious action against the offender.
The advisory also states that such offenses will be considered as serious and punishable under various penal and prosecution provisions of the Income Tax Act.
In a country rampant with frauds in tax-return filings, MS Dhoni stands as a notable example, having been an honest taxpayer throughout his career. The cricketer has always returned tax amounts after filing his income returns honestly.
According to the Chief Income-Tax commissioner V Mahalingam, Dhoni had paid an income tax of Rs 10.93 crore during the previous financial year of 2016-2017, though he still wasn't the biggest taxpayer that time around. The new title has come to him only by the end of this fiscal year.
The details
The income tax return of Rs 12.17 crore filed by MSD is the largest sum collected as tax from an individual, among residents of the states of Bihar and Jharkhand. Apart from the innumerable lessons that we learn from him on the field, the Indian cricketer is now setting ideal examples off it as well.
MS Dhoni has also reportedly declared an advance tax of Rs 3 crore for the next financial year. Nisha Oraon Singhmaar, the joint commissioner of Income Tax for the states of Bihar and Jharkhand told the Times of India that Dhoni has been the highest individual tax-payer in Jharkhand and Bihar for the 2017-18 FY(Fiscal Year).
The Forbes Magazine lists MS Dhoni as the third highest-earning cricketer in India behind current Indian captain Virat Kohli and Sachin Tendulkar. According to Forbes India, he is also at No.8 overall in the country with estimated annual earnings of Rs. 63.7 crore as of 2017.
Dhoni's rise in income has been brought about by several factors, including the launch of "SEVEN", his own line of apparels in 2017, and the re-admission of Chennai Super Kings into the IPL. He also co-owns the Chennayin FC football franchise in the Indian Super League and the Ranchi Rays franchise in the Hockey India League.
What's next
MS Dhoni was part of the Indian squad that were recently playing England in three T20Is and three ODIs. The team won the T20I series and subsequently lost the ODI series. Dhoni was not in the best of form as he was striking at just 0.62 runs per ball faced, and might have been a factor for India's below-par totals.
As India will now head to action in red-ball cricket for more than a month, Dhoni will remain away from international cricket, having retired from Test matches in 2014. It is speculated that India's greatest ever wicket-keeper will remain with the squad at least until the end of the next World Cup, which will begin in less than a year, on May 2019.