Custom Bats Cricket Forum
General Cricket => World Cricket => India => Topic started by: Cover_Drive on February 06, 2013, 04:43:37 AM
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The BCCI has been hit with a Rs 2300 crore (approx $433m) notice from the income tax department and has asked its treasurer Ajay Shirke to suggest how to deal with the issue.
The BCCI working committee met in Chennai on Monday and discussed the matter in detail. President N Srinivasan explained to the working committee that the tax-related issues have compounded since the BCCI changed its objectives in 2006, Mail Today has reported.
Since the BCCI is registered as a charitable trust, it used to get various tax exemptions on the grounds of promoting cricket as a 'charitable activity'. But after the BCCI amended its objectives in June 2006, the government has started considering the BCCI to be earning income through 'commercial' means, it was explained to the working committee.
The bone of contention has been the income generated through sale of IPL franchises and through sale of broadcast rights for the Twenty20 league. While the BCCI claims it distributes a "major portion" of the income generated to its affiliated units (ie the state and regional associations), the tax authorities have been reportedly seeking taxes both from the parent body as well as affiliated units.
It was learnt that Shirke has been asked to chalk out the path ahead "within a fortnight" so that the BCCI can "sort out" all the impeding issues with the tax authorities.
http://www.espncricinfo.com/india/content/current/story/603528.html (http://www.espncricinfo.com/india/content/current/story/603528.html)
Ouch!
What made me chuckle was reading "charitable trust." :D :D :D
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what a shame, my heart bleeds for 'em!
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It's not like they've severed ties within the cricketing family, so I'm sure everyone will rally round and help them out in their time of need.
Not
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let's have a whip round! :o :o :o
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Long time this was due. Good.
Hope the tax money is used well by the govt
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how they were claiming to be a charity with all the money grabbing they've done, I'll never know. Very surprised the Indian government hasn't chased them before. Sounds like they were run like a football club!
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*sarcasm alert* Such a shame, I really feel for them
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Perhaps they could charge a fee for letting 30 or so English blokes for training over there?
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Perhaps they could charge a fee for letting 30 or so English blokes for training over there?
£433m seems a bit high for 20 days B&B lol
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I'm sure in someway this has to be either the fault of the ECB or that evil DRS......
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how they were claiming to be a charity with all the money grabbing they've done, I'll never know. Very surprised the Indian government hasn't chased them before. Sounds like they were run like a football club!
Corruption has probably played its part *spoiler*
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I'm sure in someway this has to be either the fault of the ECB or that evil DRS......
...actually, Monty Panesar was seen leaving Indian Revenue headquarters with a smirk on his face and puppy dog eyes...
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...actually, Monty Panesar was seen leaving Indian Revenue headquarters with a smirk on his face and puppy dog eyes...
Haha lol
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...actually, Monty Panesar was seen leaving Indian Revenue headquarters with a smirk on his face and puppy dog eyes...
Noooooo don't say the evil bcci overlords have got to innocent Monty!!!
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Hope the money is used to promote young talent in Indian cricket rather than on stupid things like IPL.
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Hope the money is used to promote young talent in Indian cricket rather than on stupid things like IPL.
Hi agree with you. Too much of anything is bad. The shorter format of the game( Entertainment) is taking over the original format and hindering the game.