Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: form 3cd
Indirect Tax »
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre
 GST to have short-lived impact on inflation: RBI

Income Tax Withdraws Exemptions to Four State Cricket Bodies
January, 10th 2014

Four state cricket bodies, including the associations of Maharashtra and Saurashtra, are facing a bouncer of sorts from the income tax department. The department said on Thursday that it has withdrawn tax exemptions given to the four — the other two are the Baroda and Kerala bodies — after finding that they had involved in "activities which were considered commercial in nature" .

Authorities also plan to open past tax assessments to examine whether earlier claims from the four associations for tax exemptions were genuine, the Central Board of Direct Taxes said in a statement. The government in 2009-10 amended the definition of "charitable purpose" in the Income Tax Act, preventing entities operating on commercial lines from claiming income-tax exemptions.

Promotion of sports, if not commercial in nature, is considered a general public utility under the amended definition and is given the exemption. There have been allegations that some entities, registered as notfor-profit to claim tax benefits, also engage in commercial activities . The Board of Control for Cricket in India, the national cricket body, is currently facing a tax demand of about.

2,300 crore from tax authorities. Tax authorities are closely monitoring entities that are claiming tax exemption for doing 'charitable' work to ensure that it is for a permitted activity. The department has also created a centralised online database for such entities. The Comptroller and Auditor General in a report tabled in Parliament last month had slammed the department for extending irregular tax exemptions to the four cricket affiliates of the BCCI, resulting in short-levy of more than 37 crore in tax. The auditor said the tax department allowed irregular exemptions on income from TV rights given to the four associations engaged in commercial activity.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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