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 RATES :: VAT Audit :: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand
 Employees may have to bear the GST burden on benefits
 Advance tax payout by top cos grows just 2% in Sept quarter
 Why abolishing personal income tax may not be a good idea
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country

BCCI must pay Rs 684 cr tax: Sources
June, 30th 2010

In the middle of income-tax investigations into the IPL and its franchises, the revenue department has raised a tax demand of Rs 684 crore against the Board of Control for Cricket in India (BCCI). Sources said the tax department has asked BCCI to pay Rs 118 crore for assessment year 2007-08, Rs 421 crore for 2008-09 and Rs 145 crore for 2009-10. The demands were raised after the department had withdrawn tax exemption to the cricket body stating that it no longer promoted cricket as a charitable activity.

When BCCI refused to pay tax as demanded, the Central Board of Direct Taxes (CBDT) instructed its field formation to adjust tax dues against the refund claims made by the cricket body. As a follow-up action, I-T authorities this year adjusted Rs 92 crore from the BCCIs previous years refunds. On the issue of withdrawal of tax exemption, through a clarification issued earlier this year, the CBDT had said that it had disallowed exemption as it found that the BCCI was primarily engaged in commercial activities.

In 2007-08, the year from which CBDT had cancelled BCCIs tax exemption, the apex cricket organisation is believed to have generated an income of over Rs 1,000 crore that included media rights of over Rs 550 crore, surplus from tours, interest on bank deposits of over Rs 1,100 crore and income from other sources. Prior to that, it never had an income of that level.

In order to bring sporting bodies such as BCCI under the tax net, the I-T department had last year issued a notification stating that all sportspersons, Indian or foreign, besides coaches, trainers, umpires, referees, team physicians, physiotherapists, event managers, commentators, anchors and columnists must be levied TDS at 10%.

Not convinced, BCCI had moved an appeal against the order before a tax tribunal stating that it was still engaged in activities not meant for profiteering. The CBDT, however, had a contrary viewpoint. It held that the main income of the cricket body came from the business of cricket and not from the game of cricket. The rejection of tax exemption was based on the fact that BCCIs IPL venture was purely business oriented. Though the department has completed BCCIs assessment for 2007-08, the same is still pending for 2008-09 and 2009-10. BCCI had claimed exemption for all three years.

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

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