Tax Worth Rs.249 Crore Recovered from BCCI

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..... Tax Worth Rs.249 Crore Recovered from BCCI - News and Press Release Dated:- 30-8-2011 - News - As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 cror .....

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..... e, Rs.1,000.40 crore, Rs.1.387.02 crore and Rs. 1,666.84 crore respectively IPL is a part of BCCI and has no separate legal status. BCCI amended to objects from 1 June 2006. During assessment proceedings of BCCI for AY 2007-08, this change in objects was noticed. Hon ble Allahabad High Court in the case of Allahabad Agricultural Institute and Another Vs UOI and others, had held that once the ob .....

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..... jects are changed after registration, fresh registration for tax exemption is required as the earlier registration does not survive. Taking recourse to this ruling, the registration granted to BCCI under section 12A of the Act was withdrawn in December 2009 with effect from 1 June 2006. Consequent to withdrawal of tax exemption in the assessments completed for assessment years 2007-08 and 2008-09, .....

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..... tax demand amounting to Rs.118.04 crore and Rs.257.12 crore has been raised for the two assessment years respectively. Out of the demand so raised, an amount of Rs.249 crore has already been recovered from BCCI This information was given by the Minister of Finance Shri Pranab Mukherjee in a written reply to a Question in Rajya Sabha today. - News - Press release - PIB Tax Management In .....

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..... dia - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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