Reports | BCCI has paid over 5000 crore to Income Tax under protest

“The total amount of TDS and Income Tax paid under protest receivable by the board from the Income Tax authorities as at 31st March 2018, amounts to 4658.26 crore (previous year Rs 3679.85.cr). The Board would be entitled to a refund of the tax deducted from the payments made to it and tax paid under protest, together with interest thereon, if it is held that it is exempt from Income Tax,” the note said, reported Mumbai Mirror.

Prepared under the chairmanship of Vinod Rai, and held true by a former Comptroller and Auditor General (CAG) of the government, it seems that the BCCI has a strong case for its stance that it should continue to be exempt from paying Income Tax.

“The Board based on professional advice believes that no provision for income tax is required to be made and it has a good case to continue to avail the exemption under Section 11 of the Income Tax Act, 1961 and enjoy the benefits of registration under Section 12A of Income Tax Act 1961 notwithstanding the demands/disputes raised by income tax department which have been challenged by the Board before various appellate/judicial authorities,” the note added.