cricket is a popular sport to watch and play in India. The IPL is more than simply a cricket competition; it has evolved into a festival where crores of dollars' worth of business is conducted annually. It is more than just a sport in the nation. The bcci makes money through sponsorships and auctions. However, did you know that the bcci is exempt from paying taxes on the IPL's billions of dollars? The IPL is actually exempt from taxable income since the bcci has been granted a special purpose exemption.
Indeed, the bcci is exempt from paying taxes on its IPL profits. This is because, despite the Board's substantial revenue from the league, its primary goal is still "promoting cricket."
IPL matches account for a significant portion of BCCI's overall revenue of 20686 crores, according to a Financial Express report. However, the bcci does not pay any income tax on cricket in the guise of promoting the sport.
BCCI is a registered charitable organization that is registered.
Indeed, by the tamil Nadu Societies Registration Act of 1975, bcci is formally recognized as a charity. Promoting and growing cricket in the nation is its main goal. Because of this, the board is excluded from Section 12AA of the Income Tax Act, which is only applicable to nonprofit organizations.
What was the matter, and when was the decision made?
By ruling in favor of the Board of Control for cricket in india (BCCI), the Income Tax Appellate Tribunal (ITAT) preserved the organization's tax-exempt status. The Income Tax Department's 2016–17 attempts to remove BCCI's Section 12AA exemption for IPL income were overturned in a november 2021 ruling.
The ITAT made it clear that the organization's core goal of promoting the sport remains unchanged, notwithstanding commercial success brought about by more recognition and sponsorship.
GST is paid by BCCI.
By successfully contending that its IPL revenue is exempt from income tax, bcci won a tax dispute. The Income Tax Department's estimate, which only considered IPL excess and ignored the BCCI's total operations, was rejected by the tax tribunal. Despite collecting Rs 11,769 crore from the 2023 IPL, the bcci is still immune from income tax on these gains. The bcci does, however, pay GST; between 2022–2023 and 2023–2024, it sent over Rs 2,038.55 crore.
Cricket is promoted by the BCCI.
The bcci is now the dominant force in cricket due to the sport's growing popularity and revenue. Notably, the bcci provides 70–80% of the ICC's money, although there are 108 cricket boards worldwide. The IPL's success has produced a number of celebrities who are making waves throughout the globe, and the bcci actively helps state cricket bodies in their efforts to popularize cricket.
Indeed, the bcci is exempt from paying taxes on its IPL profits. This is because, despite the Board's substantial revenue from the league, its primary goal is still "promoting cricket."
IPL matches account for a significant portion of BCCI's overall revenue of 20686 crores, according to a Financial Express report. However, the bcci does not pay any income tax on cricket in the guise of promoting the sport.
BCCI is a registered charitable organization that is registered.
Indeed, by the tamil Nadu Societies Registration Act of 1975, bcci is formally recognized as a charity. Promoting and growing cricket in the nation is its main goal. Because of this, the board is excluded from Section 12AA of the Income Tax Act, which is only applicable to nonprofit organizations.
What was the matter, and when was the decision made?
By ruling in favor of the Board of Control for cricket in india (BCCI), the Income Tax Appellate Tribunal (ITAT) preserved the organization's tax-exempt status. The Income Tax Department's 2016–17 attempts to remove BCCI's Section 12AA exemption for IPL income were overturned in a november 2021 ruling.
The ITAT made it clear that the organization's core goal of promoting the sport remains unchanged, notwithstanding commercial success brought about by more recognition and sponsorship.
GST is paid by BCCI.
By successfully contending that its IPL revenue is exempt from income tax, bcci won a tax dispute. The Income Tax Department's estimate, which only considered IPL excess and ignored the BCCI's total operations, was rejected by the tax tribunal. Despite collecting Rs 11,769 crore from the 2023 IPL, the bcci is still immune from income tax on these gains. The bcci does, however, pay GST; between 2022–2023 and 2023–2024, it sent over Rs 2,038.55 crore.
Cricket is promoted by the BCCI.
The bcci is now the dominant force in cricket due to the sport's growing popularity and revenue. Notably, the bcci provides 70–80% of the ICC's money, although there are 108 cricket boards worldwide. The IPL's success has produced a number of celebrities who are making waves throughout the globe, and the bcci actively helps state cricket bodies in their efforts to popularize cricket.
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