According to the IT Department, BCCI Might Have to Pay Tax of Over 800 Crores

BCCI is the richest cricket board in the world. BCCI has the responsibility to control cricket in a cricket frenzy country India. The Indian cricket board earns revenue through IPL and from so many bilateral series the country hosts. it has the highest percentage of share in ICC’s revenue with 23%.

In the latest news, the outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crores, according to an RTI reply from the department.

In reply to RTI activist Subhash Aggarwal’s application, the IT department gave the details of the tax demands raised by the department on Board and the amount of tax paid by the board.

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The total tax payable by the BCCI till January 9, 2018, was Rs 1325.31 crores for the financial year 2014-15 of which the board had paid Rs 864.78 crores leaving an outstanding tax of Rs 460.52 crores.

The assessment for the financial year 2015-16 will be completed, and the department is likely to raise a demand of Rs 400 crores on the cricket body, taking the total pending demand to Rs 860.52 crores.

Information Commissioner Bimal Julka said:

“The commission would also like to draw the attention of the tax recovery authorities about the approach, procedures and extant guidelines followed by the respondent in recovery of arrears of taxes due from the public body (BCCI) and the interest accrued thereon in this particular case vis-a-vis the philosophy pursued in similarly placed matters,”