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
Latest Expert Exchange
« General »
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

Not a charitable organisation, says IT department
January, 15th 2010

Evading taxes for long by calling itself a charitable organisation, the Board of Control for Cricket in India [ Images ] may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.

The IT departement has passed an order terming the BCCI a commercial organsiation and not a charitable one.

Sources in the Central Board of Direct Taxes confirmed that an order was passed by the Exemptions unit of the department in Mumbai They said the BCCI has not informed the tax department about a number of its activities, like establishing coaching centres, conducting Twenty20 tournaments and other commercial ventures within and outside the country.

The order, said the sources, was passed after it was found that the BCCI does not meet the criteria of being a charitable institution, as it has shared the profits of the commercial activities only on players salaries and operation of other ventures which bring in more business and money.

"The element of benevolence and promotion of the sport (cricket) was not found after the scrutiny of tax related returns," they said.

The BCCI's reply to the order is awaited.

The withdrawl of exemptions will happen from the assessment year 2006-07 and penalty will be calculated accordingly.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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