Financial Daily from THE HINDU group of publications
Monday, May 30, 2005
Financial Daily from THE HINDU group of publications Monday, May 30, 2005 |
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Opinion
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Letters Business as usual
This has reference to the news report "Global sporting event held in India to get tax waiver" (Business Line, May 27), wherein it states that the Government has announced the introduction of an amendment to Section 10 of the Income-tax Act to secure tax exemption status for the Champions Trophy. It is strange that a Government, which cannot raise resources to bridge its budgetary gap, decides to exemp from income tax a body that, according to news reports, failed to secure the same in its home country, namely the UK. Cricket, a sport that had once started out as a gentleman's game has now become a multi-crore business in India. So, with the proposed tax-break it will be business as usual for those involved in the sport. It does not really seem to matter if such a decision entails tax loss. However, in all fairness, the Government, by proposing to amend Section 10 of the Income-tax Act, has shown transparency in decision making. But who foots the bill? Is there a free lunch still on offer? B. Mishra Mumbai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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