Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: TDS :: VAT RATES
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

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 The demands were raised after the department had withdrawn tax exemption to the cricket body stating that it no longer promoted cricket as a charitable activity.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 2018 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