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Income Tax > No Tax Exemptions for ICC

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  • Roopalakshmi Balasubramaniam
  • Joined:16-03-2011
  • Posts:20
  • Location:Coimbatore

Posted: 05-04-2011

The ICC and the tax exemption, a serious topic now… The Indian government announced that the ICC cannot have a tax exemption and further explanations include a lot more than taxation… The government made sure that the tax has to be paid and sports are not exceptions when it comes to paying taxes furthermore making it clear that Sports are latent businesses that prosper and make good money… Even if there is going to be some kind of neutering over the tax rules, regulations in levying will remain the same…

Exempting sports from taxation, predominantly cricket shouldn’t be right where the ICC has proved itself flourishing to become a business channel in the past few years generating much more revenue and popularity… The Cricket Council has a lot of sponsorships and media partners and this makes it more considerable when it comes to paying taxes…

In Income tax rules, there were options for nullifying taxes for ICC champion’s trophy in the near past… The ICC must be paying taxes from the Income that it gets from the World cup winning…

Many a time, it was the Government granting offers for the world level organizations setting up sport events in India wherein it would significantly exempt taxations … It is all done on a common basis with a good political backing….

All these need to be removed with the Indian Government setting up a neater rule for levying in sports...

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