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 Audit :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
« News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

I-T dept waits to file returns
March, 30th 2009

The income-tax (I-T) authorities are waiting for the Board of Control for Cricket in India (BCCI) to file its returns for fiscal year 2009 to ascertain if the cricket board should be taxed, particularly for the income earned from the mega cricket events such as Indian Premier League (IPL) Twenty20 tournament.

With an annual income of over Rs1,000 crore in 2007-08, BCCI is the worlds richest cricket body. But it had so far been exempted from income-tax as it was considered a public utility engaged in promotion of sports. This exemption may, however, be reviewed with an amendment made in the Finance Act 2008-09.

The (I-T) department will not give the advantage of public utility if a body engages in commercial activities, an official said, adding cricket, especially the IPL brand, has become commercial. The official requested anonymity.

Under the new dispensation, the exemption can be withdrawn even if the entire income was spent by BCCI into building stadia and opening cricket academies, he clarified. But the assessment of BCCIs tax liability, if any, could take at least a year from the date of filing of return.

We will try to complete the assessment of BCCIs returns by December 2010 on a fast track, a tax official said on condition of anonymity.

IPL, which has been described by home minister P. Chidambaram as a shrewd combination of business and sports, is not registered as a separate entity and its income will be reflected in BCCIs tax returns, due before September this year, the tax official said.

IPL, which is hosting its second season in South Africa from 18 April, has renegotiated the 10-year broadcasting rights for the matches for at least Rs8,000 crore.

Income-tax officials fear they may lose tax deducted at source (TDS) on payments to players by IPL franchisees and corporate firms for endorsements in the upcoming season as the law on TDS leaves a grey area if an event is held outside the country. The exchequer collected Rs91 crore TDS during the first season of IPL last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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