Currency Converter

Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).

From:
To:
 

SBD Global/December 16, 2013/Finance

Indian Agency Reveals Cricket Associations Were Granted Irregular Tax Exemptions

India's Comptroller & Auditor General has "pulled up the Income Tax Department" for irregular exemptions to "four cricket associations engaged in commercial activities on their income from television rights, leaving the exchequer poorer" by Rs. 37.23 crore ($6M), according to the Indian BUSINESS STANDARD. CAG said in its Parliamentary report, "ITD allowed exemption for the income received from TV rights from the Board of Control for Cricket in India in the cases of Saurashtra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharashtra Cricket Association, resulting in soft levy of tax of Rs 37.23 crore." The CAG "observed that these exemptions were given" despite the IT Department in Ahmedabad "not allowing exemption to the Gujarat Cricket Association in similar cases" from the '09-10 assessment year (BUSINESS STANDARD, 12/14).
Return to top

Related Topics:

Finance, India

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug