The Union government today approved income tax exemption to the International Cricket Council on income from the ongoing World Cup. The ICC will benefit by Rs 45 crore.
“The tax exemption will be on the income arising in India from the ICC World Cup 2011 to the subsidiaries of the ICC, only where the contractual obligation to bear the income tax liabilities is on these entities,” information and broadcasting minister Ambika Soni told journalists, after a meeting of the Cabinet.
According to finance ministry officials, ICC will earn Rs 1,476 crore, while the cost for organising the event would be Rs 571 crore.
Among other decisions, to promote the production and use of electric vehicles, the Cabinet also approved the setting up of a National Council for Electric Mobility. It would be chaired by the minister of heavy industries and public enterprises, and will comprise key central ministries, representatives from the industry and members from academia.
The Council will be supported by a 25-member National Board for Electric Mobility, constituting secretaries of stakeholder ministries, industry representatives and academia. Later, a National Automotive Board would be formed, as technical advisor and secretariat for both NCEM and NBEM.
Additionally, the government approved a proposal to create seven posts of ombudsmen on indirect taxes. To be based at Delhi, Mumbai, Chennai, Kolkata, Ahmedabad, Lucknow and Bangalore, the ombudsmen will have powers to receive, consider and settle complaints from tax payers on indirect tax matters. This is intended to improve the grievance redressal mechanism in customs, central excise and service tax offices.
