IT Dept to complete tax assessment for BCCI by December
The government on informed Parliament that it will complete by December-end the tax assessment proceedings against BCCI for four years ending March 31, 2007.cricket Updated: Aug 26, 2011 15:34 IST
The government on informed Parliament that it will complete by December-end the tax assessment proceedings against BCCI for four years ending March 31, 2007.
For AY 2003-04 to 2006-07, "the assessments (for BCCI) have been reopened and proceedings are in progress... (will be) completed by December 2011," minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.
He, further, said that the income tax department has recovered over Rs 118 crore as taxes for Assessment Year (AY) 2007-08 from the Board of Control for Cricket in India (BCCI).
For 2008-09, the government has recovered about Rs 131 crore, as against a demand of Rs 257.12 crore, from the BCCI, he added.
When asked about the details of income tax received from cricket players during the last four years, Palanimanickam said, "the Income Tax department does not maintain any information in a centralised manner regarding tax paid by any sports person."
He further said that under the Income Tax Act,"the cricket players do not consititute any distinct category of tax payers. They file their returns of income in their individual capacities diclosing their income from various sources, as applicable, including income from cricket playing activities."