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: cpt :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Tax waivers likely for Team India
April, 04th 2011

Finance Minister Pranab Mukherjee often says in close quarters that he wants to do away with the various tax exemptions.

Last night, resting at his South Kolkata residence, Indian crickets lucky Finance Minister (he was the FM in 1983), however, promptly thought of doing the opposite: to give income tax exemptions to Team India for its World Cup win.

The Centre is likely to give a 100 per cent income tax relief on the prize money, the players and the support staff earn from their World Cup victory.

Soon after India won the World Cup final, defeating Sri Lanka, Prime Minister Manmohan Singh called his top colleagues including Mukherjee, to share his happiness while UPA chairperson, Sonia Gandhi interacted with the aam aadmi on the streets of New Delhi. The finance minister took the opportunity to mention his plan for the tax relief.

Mukherjee has not only taken the outstanding success of the team and the public mood into consideration, but the conservative minister also noted the precedence he had set, when Finance Minister in the Indira Gandhi cabinet. And the Indian team had won the World Cup in 1983.

I had given tax relief that time as well on the prize money. This time, we may take a view on it, Mukherjee told Business Standard from his Kolkata residence.

In the middle of this week, after India beat Pakistan to enter the final, Mukherjee piloted a proposal to give Rs 45 crore of tax waiver to the International Cricket Council on the World Cup matches hosted in India.

According to the finance ministry officials, as the issue was controversial, Mukherjee decided to take it to the cabinet for an endorsement. The proposal to give tax benefit for Team India is expected to face full support and a formal announcement is likely to come after Mukherjee returns to Delhi on Tuesday.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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