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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: VAT RATES :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: form 3cd :: empanelment
 
 
« News Headlines »
 Here's why that big tax refund isn't great news for you
 Filing tax returns to be less painful as government simplifies ITR forms
 Here’s how the new tax provisions will impact you in 2017-18
 Income-tax (3rd Amendment) Rules, 2017
 How you can save tax in the last 2 days of current FY
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund

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