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: ACCOUNTING STANDARDS :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment
 
 
« News Headlines »
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

BCCI coughs up Rs 36 crore as tax on IPL revenues
August, 09th 2008

The Board of Control for Cricket in India (BCCI) has coughed up Rs 36 crore as service tax on revenues earned from eight franchisees in the Indian Premier League (IPL). The tax was paid on Wednesday in the wake of an investigation started by the tax authorities.

A tax official said BCCI might have made about Rs 500 crore from the cricket carnival and its service tax liability, at 12.36 per cent, could be up to Rs 60 crore. The amount BCCI is believed to have paid in cash is Rs 29 crore, after the deduction of Cenvat credit.

B Ravichandran, service tax commissioner at Mumbai, said that the investigation was in the final stages and some payments had been made.

Lalit Modi, chairman and commissioner, IPL, declined to comment on the issue.

In the IPL scheme, a franchisee owns the right to the use players in the matches. The finance ministry had amended the definition of 'franchise' in 2005 to ensure service tax compliance in franchise arrangements.

It is an agreement by which the franchiser grants rights to the franchisee to sell or manufacture goods or provide a service or undertake any process identified with the franchiser, by any symbol such as trademark, service mark, trade name or logo. IPL had four revenue streams last season - sale of media rights, title sponsorship, amounts bid by the franchisees and revenues generated by the franchisee rights.

Of the proceeds from the media rights, IPL kept 20 per cent, gave out 8 per cent as prize money and distributed the rest among the franchisees. The title sponsorship and other revenues were reportedly shared between IPL, the franchisees and as prize money in the ratio of 40:54:6. Also, BCCI is believed to have received 20 per cent of the revenues from the franchisee rights.

Parallel to the service tax investigation, a panel is also looking at the income-tax taxability of BCCI. Whether to treat IPL as a commercial venture (which is taxable) or a charitable activity (which is tax exempted) is still in debate. Till March 31 this year, the tax department collected over Rs 60 crore as TDS from various stakeholders in IPL.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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