You are here:HomeCorporates

Penal proceedings on against BCCI for not filing audit reports

Penal proceedings on against BCCI for not filing audit reports

close

New Delhi:

The government today said it has initiated penal proceedings against the Board of Control for Cricket in India (BCCI) for non-filing of tax audit reports for five assessment years under provisions pertaining to business entities.

"Penalty proceedings under section 271B have been initiated for assessment years 2004-05, 2005-06, 2007-08, 2008-09 and 2009-10 for non-filing of tax audit report (against BCCI)", the Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.

According to the income tax department, the Minister said, the BCCI is required to file the audit reports under section 44AB of the Income Tax Act, 1961. Under Section 44AB an entity carrying on business or profession is required to get its  accounts audited by an accountant before the specified date and furnish the report of such audit in the prescribed form to the tax authorities.

The BCCI, he added, had been filing its audited report under section 12A(b), which deals with trusts and charitable institutions, to substantiate its claim for tax exemption. The sports boards, he added, are required to get their accounts audited as per the provisions of the tax laws.

Palanimanickam further said that assessments with regard to BCCI were completed and there was a tax arrear demand of Rs 165.55 crore outstanding against the sports body for the assessment years 2004-05, 2005-06 and 2009-10 and the "same shall be adjusted against the refund of Rs 180 crore due for assessment year 2012-13."

Story first published on: November 23, 2012 17:00 (IST)

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Social Sharing

Advertisement

Advertisement

Portfolio
 

More From NDTV

More From the WEB

Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.