Finance Highlight
A Simple Finance Highlighted as mostly everyone have some IPL Fever😝😝 You earn above 7 lakhs and pay taxes, while BCCI earns 48,390 crores from IPL and pays zero tax. Why? Because since 1996, BCCI is registered as a “CHARITABLE TRUST” But you may wonder what kind of charity BCCI does. Well, they promote and advertise cricket in India. But since IPL was introduced in India, BCCI revenue has jumped multiple folds. Last year, after much discussion, the ITAT ultimately agreed with the BCCI's arguments. They concluded that the main objective of the BCCI was to promote cricket and that the IPL was simply a way to achieve that goal. Therefore, the income earned through the IPL should be exempt from tax. while IPL players and teams are considered independent entities and have to pay taxes.