Tax Exemption to ICC & Cricketrs - Justified ..?
4 Apr 2011, 17:54
Hi Frnds,,
I just come across to the news channel in which our minster has gi en exemption to ICC for paying tax on earning earned by way of organnsing the ICC world cup. Similarly the player like Dhoni ,sachin and other are also given exemption to pay the GIFT tax on the amount paid by the state govt in lieu of Victory.
Now how come this step is justified, Our country has lost aroundd crores of tax revenue which cud b utilised for development activites. by this way richer are becoming more richer and poor becoming more poorer. this act should of govt is very arbitrary and against the public policy..
what u think..?
4 Replies
It okay for them
Yes. It is a big concern. I too thought about the liberalization on payment of Tax by these players/ cricketers to the Government.This is not fare enough.
http://www.governancenow.com/views/columns/taxing-men-blue
the above link will answer some of the queries you have raised, wrt: a) what is the provision in law for awards, awards hve to be given by who; similarly what is the provision for rewards, and in turn rewards have to be given by who: finally what is the provision of income from other sources. fundamentally, you will also see that exemptions have to be given only on account of public interest. kind regards
@ rohit - Exemption is justified upto public interest. but i don’t understand how come public will be benefited by giving rewards and gifts to our cricket player individually by the state/central govt & other govt machinery, needless to mention here that each team member earns in crore.
after all its public money which are being given to player but not to promote sports as a game. i would be more happy when the govt had given such bulky amount to our national game - HOCKEY fedration or may be some other games which are not yet developed for their development.
spending such bulk amount to individuals, i don’t understand how will it meet public interest. Its better to give taxc exemption which is 30% to the corporate who actually add in overall development of india as a developing country.