Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4%
« News Headlines »
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide

New order taxes
April, 01st 2009

Changing the scene for charitable trusts and non-government organisations across the country once and for all, the commissioner of income tax (CIT)-II on Tuesday announced withdrawal of all exemptions enjoyed by Punjab Cricket Association (PCA). With this, the suspense over a survey carried out by the income-tax department at PCA office more than 10 days back also came to an end.

Even as PCA kept asserting that they were a charitable trust set up to promote sports in the country, the survey couldnt prove that. Besides detecting unaccounted transactions, officials also stumbled upon other violations. Since it does a lot of commercial activities, its not eligible for any tax exemption prescribed under Section 12A of Income Tax Act and all liabilities will have to be paid from financial year 2008-09, said AK Kaushal, CIT-II.

While sources said that PCA had been informed about the same on March 21, two days after the survey, PCA joint-secretary GS Walia expressed ignorance about the order passed by CIT-II. We are a charitable body and will certainly go into appeal, exhausting all available options to seek exemption.

It was on March 19 that a team of income-tax sleuths headed by an additional commissioner of income tax had swooped down on PCA and taken into possession all records and data from its computers. The management was soon served a notice, asking it to clear their position towards tax liabilities, said sources.

Even as hectic activity in this direction began soon after a resident of Ludhiana had sought information of PCAs tax liabilities under the RTI Act, this seems to be the beginning of a series of action. Following this, account books of other cricket associations and sports bodies across the country, including BCCI, will also come under I-T scanner, said officials.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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