Stuge Posted February 19, 2012 Posted February 19, 2012 NEW DELHI: The income tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10 of which only Rs 41 crore have been paid, an RTI reply has said. The department said BCCI used to get income tax exemption as a charitable organisation but now that exemption has been withdrawn and its earnings now come under business income. Responding to activist Subhash Agrawal, the department said that the BCCI had made over Rs 964 crore for the assessment year 2009-10 for which the department had demanded tax of over Rs 413 crore but so far Rs 41.91 crore have been paid as tax by the cricket body. The assessment for the years 2010-11 and 2011-12 is pending, it said. "Effective steps should be taken to realise the tax dues of Rs 373 crore from the board," Agrawal said. http://m.timesofindia.com/sports/cricket/top-stories/I-T-department-asks-for-over-Rs-413-crore-as-tax-from-BCCI/articleshow/11948891.cms
1983-2011 Posted February 19, 2012 Posted February 19, 2012 BCCI should be treated like any other corporation, is BCCI a private or a public corporation?
DomainK Posted February 19, 2012 Posted February 19, 2012 BCCI is private, but don't let the ill reputation of BCCI as greedy could your judgement. The IT department does at times make tax claims that are not entirely authentic, especially when it involves business and activities overseas. There have been a few such cases the IT department has lost.
Mariyam Posted February 21, 2012 Posted February 21, 2012 Time for BCCI to pay up. Not necessarily. The 413 cr figure is based on the assessment by the IT department which says that the BCCI earned 964 cr in the 2009-2010 period. BCCI can (and probably will) challenge that assessment and after due tallying and back and forth would end up paying something that is drastically lower than the said amount. Generally speaking, if you are 'raided' by the IT sleuths once, then for the next 4-5 years your business generally doesn't fall under the IT scanner. The logic being that the IT sleuths would have done a thorough job and checked the books for the previous years too. Someone who likes conspiracy theories might even say that this move is a BCCI ploy to direct away attention from the 2010-2011 financial year which would have been much more profitable thanks to the WC.
Prakat Posted February 21, 2012 Posted February 21, 2012 Eitherways they are paying up. Don't give much credence to the conspiracy theory. They can always be tripped up by a simple RTI request.
ganeshran Posted February 21, 2012 Posted February 21, 2012 Give me a refund for wasting hours at work following shiitty performances one after the other
rkt.india Posted February 21, 2012 Posted February 21, 2012 413 crore tax of 964 rupees...about half of the earnings...
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