The Union Cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961 in respect of income which is arising in the India from the ICC World Cup, 2011 to the subsidiaries of the ICC, only where the contractual obligation to bear the income-tax liability is on these entities. The financial implication of the move will be around R45 crore.
In 2005, the Cabinet has approved a proposal to amend the Income Tax Act, 1961 to give an exemption to the income of both residents and non-residents arising from an international sporting event conducted in India. Consequently, exemption from income tax was granted to ICC for the ICC Championship Trophy 2006. The cabinet also approved creation of seven posts of indirect tax ombudsman to resolve complaints received from tax payers on indirect tax matters which will be located at Delhi, Mumbai, Chennai, Kolkata and Bangalore.
On 01 april 2011, I had written a piece on this. Where is it? Let me know the reason for not posting it.
Cricket does not require any promotion. Then why tax exemption ??
If it’s football or so.. it would have been ok…
Anyway it’s Tax payers money. Why will government worry ??
From,
– Worried Tax payer