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 STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: TDS :: VAT RATES :: empanelment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4%
 
 
« General »
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj

Income Tax notices to four IPL franchisees soon
April, 27th 2010

The Income Tax department has claimed to have found defaults in the payment of TDS returns by the IPL franchises to various service providers in its ongoing probe into the tournament's finances.

The department in its initial probe has claimed to have found discrepancies by various IPL franchises under the Tax Deducted at Source (TDS) category while making payments to cricket players, commentators, event managers and anchors among others.

The anomalies have been found in account books and payment documents which the department has taken during its operations in the IPL probe. "The discrepancies have been found under the TDS payment categories. The inquiry is still on and once all the franchises are scrutinised, they will be sent notices," a senior I-T official said.

The department is also currently scrutinising documents that various I-T offices have taken from franchises after it conducted nationwide survey operations on them, with the first being on April 15 at the IPL and BCCI premises in Mumbai.

Sportspersons, umpires, referees, coaches, trainers, team physicians and physiotherapists, event managers, commentators, anchors, and sports columnists have been categorised as "professionals" and their services have been brought under the TDS bracket in 2008 by the Central Board of Direct Taxes (CBDT).

I-T department sources also said that once the probe establishes tax evasion in the T20 tournament, all the notices and legal procedures will be addressed to the BCCI and not the IPL as it is a legal entity under the Societies Registration Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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