BCCI owes Rs 373 crore to Income Tax department
World's richest cricket body, the Board of Control for Cricket in India (BCCI) owes Rs 373 crore to the Income Tax department.delhi Updated: Feb 19, 2012 23:13 IST
World's richest cricket body, the Board of Control for Cricket in India (BCCI) owes Rs 373 crore to the Income Tax department.
The board had sought exemption from paying the tax under the provisions of the Income Tax Act applicable to charitable institutions.
"The department has withdrawn registration (of BCCI) and rejected accessee's claim for exemption," the income tax department said, in a reply to a RTI application filed by Subhash Chandra Aggarwal.
Before the exemption was withdrawn, the BCCI got exemption as a charitable institution.
The cricketing body owes Rs 373 crore on account of non-payment of complete tax for the financial year 2009-10. Of the total tax of Rs 413 crore demand, the national sports body paid just Rs 42 crore.
However, in the two previous financial years the BCCI has paid entire tax amount to Rs 375 crore. Assessment for the financial years 2010-11 and 2010-12 was pending, the reply said.
The reply also showed that BCCI's income had tripled in the three financial years for which assessment was provided. It was Rs 274 crore in 2007-08 which increased to Rs 964 crore in 2009-10.
Aggarwal said effective steps should be taken to realise the tax dues of Rs 373 crore from the board. The BCCI was not available for comments.