Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: articles on VAT and GST in India :: cpt :: form 3cd
 
 
News Headlines »
 How to respond to a tax notice under section 143
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states

State cricket federations may soon lose I-T exemption
November, 14th 2011

In another blow to cricket federations in the country, Income Tax department has slapped show-cause notices to seven of them, affiliated to the Board of Control for Cricket in India (BCCI), just before withdrawing tax exemption to them. This will put these sporting bodies at par with any other corporate entity.

The I-T action follows examination of accounts of these state associations -in the seven metros of Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore and Ahmedabad - for which the scrutiny exercise had begun six months ago.

Sources said tax exemption was already withdrawn from Ahmedabad and Delhi could be the next. Show cause is a process where an assessee is given one last opportunity before taking it off the charitable organization list.

I-T exemption was withdrawn from BCCI in 2008 when the Central Board of Direct Taxes (CBDT), under the finance ministry, said the sports body was engaged in commercial activity by organising Indian Premier League Twenty-20 matches and selling advertisement space and broadcasting rights and making profit.

The income that BCCI makes out of IPL tournament, estimated to be more than Rs 1,000 crore every year, is shared by team franchises and state cricket associations. This is one of the grounds on which the government has decided to treat all state associations as commercial enterprises similar to BCCI.

CBDT had withdrawn I-T exemption from BCCI from the financial year 2007-08 after the apex cricket body amended its rules and added new objectives in its memorandum that included setting up coaching academies and conducting IPL T-20 tournament.

A senior I-T official, who was part of the surveys carried out against state cricket associations, said the decision to withdraw tax exemption was taken after it was found that "none of them were doing any charitable work. All there activities were purely commercial in nature".

BCCI has approached a tax tribunal against the government order. However, cricket federations stand little chance against the withdrawal order since the I-T department had in 2008-09 issued a notification and clubbed everybody associated with BCCI as professionals, same as those rendering technical services.

The notification had asked BCCI to ensure that "all sportspersons, Indian or foreign, besides coaches, trainers, umpires, referees, team physicians, physiotherapists, event managers, commentators, anchors and columnists must be levied TDS at 10%," and treated as any other professional.
[ad}

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions