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I-T Dept to complete tax assessment for BCCI by December

I-T Dept to complete tax assessment for BCCI by December
PTI
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First Published: Fri, Aug 26 2011. 03 37 PM IST
Updated: Fri, Aug 26 2011. 03 37 PM IST
New Delhi: The government on Friday informed Parliament that it will complete by December-end the tax assessment proceedings against Board of Control for Cricket in India (BCCI) for four years ending 31 March, 2007.
For assessment year (AY) 2003-04 to 2006-07, “The assessments (for BCCI) have been reopened and proceedings are in progress and (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 (I-T) department has recovered over Rs 118 crore as taxes for AY 2007-08 from 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 I-T received from cricket players during the last four years, Palanimanickam said, “The I-T department does not maintain any information in a centralised manner regarding tax paid by any sports person.”
He further said that under the I-T Act, “The cricket players do not consititute any distinct category of tax payers. They file their returns of income in their individual capacities disclosing their income from various sources, as applicable, including income from cricket playing activities.”
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First Published: Fri, Aug 26 2011. 03 37 PM IST