Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
« General »
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners

After I-T probe, BCCI comes under service tax scanner
April, 29th 2010

As if coming under the income tax departments scanner was not trouble enough for the Board of Control for Cricket in India (BCCI), the sports body is now being nettled by the service tax department.

A service tax official said the department is looking to levy a 10.3% tax on the income the BCCI earns by awarding exclusive rights to companies such as PepsiCo Inc to sell their products inside the stadium during matches.

Whether such rights are part of the sponsorship agreement is not known, but the official said this has been the BCCIs practice for years though the income was never taxed since the sports body is a charitable institution by law.

Sponsorship services in sports are exempt from service tax, but we feel allowing a company exclusive rights to sell products is akin to selling radio or television airtime. Such agreements have nothing to do with sports promotion. We are therefore looking at the possibility of levying tax, the official said.

The department is also toying with the idea of taxing franchisee share transfer fees. The idea follows a scrutiny of the BCCIs 2008-2009 accounts, which showed it seeking a 5% transaction fee for share transfer by IPL Rajasthan Royals (RR) franchisees. Bollywood actor Shilpa Shetty and her husband Raj Kundra were sold 12.5% RR stake by the original owners Emerging Media, a UK-based company owned by Lalit Modis friend Manoj Badale.

Last year, the department issued a show cause notice to the BCCI in October for granting Rs36.52-crore worth media rights under franchise services. The BCCI has objected to the notice saying the broadcast rights are for the promotion of sports and thus not taxable.

Another notice has been issued to RR owners Jaipur IPL Cricket Pvt Ltd for not paying service tax of Rs62.17 lakh on income through sponsorship services.

Till date, the BCCI has paid service tax of Rs8,815.24 lakh and interest of Rs67.84 lakh; Knight Riders Sports Pvt Ltd Rs522.35 lakh service tax and Rs14.97 lakh interest; Reliance Industrial Investments and Holdings-owned Indiawin Sports Rs371.42 lakh service tax; and Jaipur IPL Cricket Pvt Ltd Rs198.04 lakh service tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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