|Photos||Video & Audio||Blogs||Statistics||Archive||Shop||Mobile|
February 5, 2013
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.
|Comments have now been closed for this article
Ishant Sharma has often been the butt of jokes, and sometimes deservedly so. Today, however, the joke was on England
They have to see a glass that is half-full, and play the game as if it is just that, a game; and an opportunity
Only 15 times in Test history has a player achieved the double of 300 runs and 20 wickets in a Test series. Going on current form, Bhuvneshwar could well be the 16th
In India's win at Lord's, Ishant Sharma took the best bowling figures by an Indian in the fourth innings of a Test outside Asia. Here are five other best bowling efforts by Indians in the fourth innings of Tests outside Asia
India's wretched run away from home began at Lord's in 2011. A young team full of self-belief may have brought it to an end with their victory at the same venue three years later
What's wrong with their cricket? Well, what isn't?
Alastair Cook did not bat like a leading man but the crowd applauded him for simply not failing
If England are going to win nothing, history suggests it might be worth their while to win nothing with kids
Why not you? Read and learn how!