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
Direct Tax »
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers
 CBDT releases ITR Form-4 for presumptive income from business and profession
 Know how you can save tax through various deductions under Section 80 Income Tax
 CBDT issues notification, seeks suggestions to bring more transparency in cross-national transactions

CBDT withdraws tax exemption of 4 cricket associations
January, 10th 2014

Revenue Department on Thursday withdrew tax benefit of four cricket bodies -- Saurashtra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharashtra Cricket Association -- for engaging in certain commercial activities.

The Central Board of Direct Taxes (CBDT) said the Income Tax authorities have looked into the affairs of these four cricket associations and found that they were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act.

“Consequently, the scrutiny of assessments in these cases has resulted into the withdrawal of tax-exemption,” the CBDT said.

Past assessments in these cases, it added, have also been reopened by the revenue department to examine the correctness of their claim for income tax exemption during the periods concerned.

The Comptroller and Auditor General (CAG) in its report tabled in Parliament last month had slammed the IT Department for extending irregular exemptions to the four cricket affiliates of BCCI, resulting in short-levy of tax of over Rs. 37 crore.

The CAG said the IT Department allowed irregular exemptions on income from TV rights given to four associations engaged in commercial activity.

The CAG said under Section 2 (15) of the Income Tax Act, a public utility activity cannot be treated as “charitable” if it involves carrying out of any activity in the nature of trade, commerce or business.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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