- LATEST
- WEBSTORY
- TRENDING
SPORTS
Income Tax, Enforcement directorate start 'source probe' of some IPL franchisees
The probe is only to determine the source of funds though there is no specific input that fuelled suspicions, the sources said.
Updated : Sep 28, 2017, 06:54 PM IST
TRENDING NOW
)
AR Rahman, Saira Banu's daughter Raheema opens up on parents' divorce being linked to Mohini Dey: 'Always remember...'
)
Riddhima Kapoor Sahni reveals Rishi Kapoor's last two wishes: 'He wanted to see Ranbir Kapoor getting...'
)
Sana Khan, former Bigg Boss contestant, actress announces 2nd pregnancy with Anas Saiyad: 'Only Allah has power to..'
)
'Good to be back': After breaking up with Malaika Arora, Arjun Kapoor reunites with his 'partner-in-crime after ages'
)
'Your dance lightens up...': Little girl's dance on 'Tere Bina na Guzara E' steals hearts online, WATCH viral video
)
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan tells Amitabh Bachchan: 'I hope people don't...'
)
This Pakistani Influencer's private video leaked online, days after Minahil Malik and Insha Rehman's clips
)
After breakup with Malaika Arora, Arjun Kapoor dedicates his new tattoo to this special person in his life
)
32-year-old superstar forcibly kissed 15-year-old co-star; left her traumatised, crying; later laughed about it saying..
)
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
)
Amid Aishwarya Rai-Abhishek Bachchan divorce rumours, Jaya Bachchan says 'not my daughter' in viral video
)
Telecom rules to change from January 1, Mukesh Ambani's Jio, Airtel, Vi, BSNL will be affected due to...
)
Gandii Baat, XXX actress Aabha Paul sets Instagram on fire with hot photos
)
Meet Mathira Khan, Pakistani influencer whose private video leaked after Minahil Malik, Imsha Rehman
)
Shweta Tiwari's wedding photos with Bigg Boss 13 contestant Vishal Aditya Singh go viral, here's the truth behind them
The Income Tax department and Enforcement Directorate are reported to have begun a discreet enquiry into the source of funds of certain franchisees of the cash-rich T20 Indian Premiere League(IPL).
Official sources said today the "source probe" commenced after a controversy broke out this week over the share holding patterns of the a consortium led by Rendezvous which bagged IPL Kochi franchise. The controversy has triggered a spat between IPL Commissioner Lalit Modi and minister of state for external affairs Shashi Tharoor.
Sources said the probe has been initiated to find out if there is any illegal flow of funds or whether any black money in being pumped into the sporting extravaganza including from foreign shores.
However, sources maintained that the 'source probe' is just an enquiry and may or may not end up in filing of a case.
The probe is only to determine the source of funds though there is no specific input that fuelled suspicions, the sources said. Since amounts in thousands of crores are involved, there is a need to cross check the funding routes, the sources added.
The probe move came even as the CPI-M said the government should inquire into the source of certain funds flowing into the tournament and reconsider whether any tax exemptions or concessions are justified for this commercial enterprise.
Meanwhile, the government is expected to rake in more than Rs 200 crore as taxes from the third edition of the ongoing IPL T20 cricket tournament.
According to finance Mmnistry sources, the taxes would be accrued as Tax Deducted at Source (TDS) from the remuneration paid to players, umpires, coaches, commentators amongst others under the income tax category while advertising, marketing and consultancy services of the sporting extravaganza will be taxed under the service tax bracket.
As per the estimate calculated by the field formations of the Revenue department, the IPL will fetch about Rs 100 crore each under the direct (income tax) and indirect (service tax) categories.
