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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: VAT RATES :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 2016 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