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: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: form 3cd :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Filing income tax return to become simpler from next month
 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

Income Tax Department sends notice to BCCI over IPL taxes
May, 17th 2008

The Income Tax Department sent notice to the Board of Control for Cricket in India (BCCI) asking for copies of agreements. The Income Tax department has asked for contract details of all Indian Premier League (IPL) players, as reported by a private news channel.

According to reports, the IT-D wants to check whether TDS Tax Deduction at Source (TDS) was deducted at 11.3%.

Earlier, the Central Board of Excise and Customs had asked its regional commissioners to examine all contracts the BCCI has entered on or behalf of the IPL with all corporate bodies who have either bid for teams or are providing services - from entertainment to broadcasting to advertising.

Under the franchise model, a sponsor owning a team pays a stipulated fee to the BCCI to get ownership. The franchisees have to pay 10 per cent of the bid amount every year to BCCI, as a franchisee fee. With the auction fetching BCCI $723.59 million, BCCI will get $72.36 million each year.

So the BCCI gets liable to pay service tax under 'business auxiliary service.'

Since players, too, are not playing for the country, their purchase fees would be liable to service tax again under BAS.

Broadcasting rights to a consortium of Sony Television and Singapore-based World Sports Group for 10 years for over $1 billion and their sale of time slots for ads would also attract service tax under the broadcasting service.

So would branding of stumps in DLF name, showing its logo on the sidescreen. Naming Pepsi as the IPL official drink for five years for a fee of $12.5 million would also mean that BCCI would have to pay service tax on it.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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