BCCI, IPL make tax evasions in crores: Cricket News Update
More news comes the Indian cricketing fraternity’s way, after its governing body, the Board of Control of Cricket in http://www.senore.com/Cricket/India-c750 (BCCI), topped with the country’s money making machine, the ‘cash-cow’, Indian Premier League (IPL), once again find themselves entangled
in yet another monetary fiasco. Based on reports, the Indian government recently came out loud, claiming that it received nothing from the mega-event in terms of income tax during the 2008-09 IPL season.
As for the BCCI, like always, the cricketing governing body tried to make its way out of the affair by simply declining any such allegations. The BCCI, which is also the primary administrator for the IPL, stated that the board did not receive any income
from the 2008-09 season while in 2009 and 10, the event produced a modest income of 14.86 crore.
In contrast to BCCI’s claims, reports suggested that the actual income during 2009-10 was estimated to a surprising 661 crores.
As for now, such huge fiscal debacles have led the Indian government to intervene in the matter and to start an investigation into the whole affair on ‘top priority’.
However, following a meagre analysis into the matter by the Central Board of Excise and Customs, it was revealed that the BCCI, as well as the IPL franchises, filed minor income tax returns, following which the reports were submitted to the Indian parliament’s
standing committee on finance.
All these fiendish affairs have now led the committee, headed by former finance minister Yashwant Sinha, in to taking immediate steps for sorting out the financial mishaps caused by the BCCI-IPL and its franchisees.
Previously, the IPL made headlines in the overseas media, where its former chairman, http://www.senore.com/Cricket/Mongezi-Gerald-Majola-c77649, during the IPL second season,
which was staged in http://www.senore.com/Cricket/South-Africa-c757.
However, whatever the outcome is for the current matter, it seems as though the IPL will somehow or the other be always hung into financial issues. Today, the IPL has earned itself a brand value worth USD 4 billion, coming in as the 6th most valuable
sporting event in the world.
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