BCCI no longer gets tax exemption under the IT Act
Reply to a RTI application has revealed that the Income Tax department has demanded over Rs 413 crore as tax from the Board of Control for Cricket in India (BCCI) as per its income assessment for the year 2009-10 of which only Rs 41 crore have been paid. The Income Tax department informed that the BCCI used to get income tax exemption as a charitable organisation but now that exemption has been withdrawn and its earnings now come under business income. The IT department said that the BCCI had made a profit of over Rs 964 crore for the assessment year 2009-10 for which the department had demanded a tax of nearly Rs 413 crore but so far Rs 41.91 crore have been paid as tax by the cricket body. The assessment for the years 2010-11 and 2011-12 is pending.