TT Epaper
The Telegraph
Graphiti
 
CIMA Gallary

Tax lens on JSCA earnings

Ranchi, Feb. 4: Jharkhand State Cricket Association’s (JSCA) tax-free days may soon be over.

The income tax (I-T) department is learnt to have sought details of earnings from tourneys, including the IPL and CLT20, hosted by the association at its new international stadium in the state capital last year. Sources said the department had sent the letter to JSCA’s registered office in Jamshedpur.

“We are in the process of collecting details of JSCA’s income. Once we have all the facts before us, an appropriate decision will be taken in accordance with the provisions of the Income Tax Act,” K.K. Sinha, chief commissioner, income tax, Ranchi, said.

Registered under Section 12 of the Income Tax Act, 1961, JSCA currently enjoys tax exemption. Insiders said the move follows a similar measure taken by the I-T department to bring JSCA’s parent body, the BCCI, under the tax slab. They explained that JSCA is a full-time member of the BCCI, the country’s apex cricket body that was initially set up as a charitable organisation with the primary object of promoting cricket. Hence, BCCI was also registered under Section 12 of the Income Tax Act, 1961, which exempts its income from tax.

“But BCCI ceased to be a charitable outfit after it allowed direct and indirect commercial interest in IPL and CLT20. In 2009, the IT department withdrew BCCI’s tax-free status and the same principle will now be applicable for JSCA too,” the source added.

Sinha confirmed that income tax collected is shared by the Centre and the state in a fixed proportion and that a rise in tax collection from Jharkhand would directly benefit the state by way of increased fund flows from the Centre.

“We have a collection target of Rs 3,561 crore for the current fiscal. The department is tapping all hitherto untapped areas to boost collections,” he added.


 More stories in Jharkhand

  • Trader killed in Golmuri accident
  • Tax lens on JSCA earnings
  • Education drive gets new friends
  • Usual bumps of 2014
  • Upset traders want cop eye on staff
  • Tiwary leads home squad
  • Terrain setback for forces
  • When the long arm falls short
  • Tender steps in Jharia rehab
  • Marine Drive goes wet for the wild
  • Governor's gardens count 15000
  • Transport trouble today
  • Station escalators eye debut next month
  • Kasturba schoolgirls get smart
  • The Milanee scores a classy century
  • Survey sounds addiction alarm
  • Autopsy report of Sujit's school
  • State basks in puja, panchami revelry
  • Traffic present tense, future plan-perfect