Income Tax issue confronts BCCI
The Board of Control for Cricket in India has been hit with a Rs 2300 crore notice from the Income Tax department, according to media reports
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, according to Mail Today.
After BCCI amended its objectives in 2006, the government has started considering the BCCI to be earning income through commercial means and not as a charitable trust which used to get tax exemptions on the basis of promoting cricket, it was stressed at the working committee meeting. Income generated through sale of IPL franchises and broadcast rights have attracted Income Tax attention.
ESPNcricinfo reported that BCCI treasurer Ajay 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 tax authorities.