is my understanding correct?- the BCCI is registered as a NPO/ trust and enjoys the given exemption under Section 12A of the Income tax Act. The objects of the NPO/ Trust includes 'promotion of sports and games is a charitable purpose'. And the BCCI argues that its overall object is to promote the game, one of which way is IPL and so the overall income from all modes to be considered for taxation.
but ive not understood how this will impact the functioning of other companies who are registered as pvt/ public companies? does that mean such companies will incorporate trust/ NPO to get rid of taxes like BCCI?
is my understanding correct?- the BCCI is registered as a NPO/ trust and enjoys the given exemption under Section 12A of the Income tax Act. The objects of the NPO/ Trust includes 'promotion of sports and games is a charitable purpose'. And the BCCI argues that its overall object is to promote the game, one of which way is IPL and so the overall income from all modes to be considered for taxation.
but ive not understood how this will impact the functioning of other companies who are registered as pvt/ public companies? does that mean such companies will incorporate trust/ NPO to get rid of taxes like BCCI?
Sir what do you think whether BCCI must pay taxes or not?
Sir can you explain the last paragraph?