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Author Topic: BCCI hit with massive tax bill  (Read 4385 times)

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Cover_Drive

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BCCI hit with massive tax bill
« on: February 06, 2013, 04:43:37 AM »

 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

Ouch!

What made me chuckle was reading "charitable trust."   :D :D :D
« Last Edit: February 06, 2013, 04:46:26 AM by Cover_Drive »
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Manormanic

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Re: BCCI hit with massive tax bill
« Reply #1 on: February 06, 2013, 06:16:55 AM »

what a shame, my heart bleeds for 'em!
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The_Bird

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Re: BCCI hit with massive tax bill
« Reply #2 on: February 06, 2013, 07:26:51 AM »

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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ppccopener

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Re: BCCI hit with massive tax bill
« Reply #3 on: February 06, 2013, 08:08:31 AM »

let's have a whip round! :o :o :o
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yvk3103

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Re: BCCI hit with massive tax bill
« Reply #4 on: February 06, 2013, 08:28:18 AM »

Long time this was due. Good.

Hope the tax money is used well by the govt
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uknsaunders

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Re: BCCI hit with massive tax bill
« Reply #5 on: February 06, 2013, 08:47:10 AM »

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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ajmw89

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Re: BCCI hit with massive tax bill
« Reply #6 on: February 06, 2013, 08:50:32 AM »

*sarcasm alert* Such a shame, I really feel for them

Bruce

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Re: BCCI hit with massive tax bill
« Reply #7 on: February 06, 2013, 08:53:50 AM »

Perhaps they could charge a fee for letting 30 or so English blokes for training over there?
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uknsaunders

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Re: BCCI hit with massive tax bill
« Reply #8 on: February 06, 2013, 08:55:44 AM »

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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ad2606

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Re: BCCI hit with massive tax bill
« Reply #9 on: February 06, 2013, 08:58:49 AM »

I'm sure in someway this has to be either the fault of the ECB or that evil DRS......
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The_Bird

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Re: BCCI hit with massive tax bill
« Reply #10 on: February 06, 2013, 09:03:35 AM »

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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Manormanic

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Re: BCCI hit with massive tax bill
« Reply #11 on: February 06, 2013, 10:07:17 AM »

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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tushar sehgal

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Re: BCCI hit with massive tax bill
« Reply #12 on: February 06, 2013, 12:16:51 PM »

...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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ad2606

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Re: BCCI hit with massive tax bill
« Reply #13 on: February 06, 2013, 12:43:03 PM »

...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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swamidude

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Re: BCCI hit with massive tax bill
« Reply #14 on: February 06, 2013, 05:41:47 PM »

Hope the money is used to promote young talent in Indian cricket rather than on stupid things like IPL.
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