world cup 2023 Indian cricket board sponsor company’s | Indian Tax authority Notice
The Indian tax department has issued a notice to the Indian cricket team’s sponsor company ‘Dream 11’ for payment of around Rs 17,000 crore.
‘Dream 11’ has challenged this notice in the Bombay High Court demanding such a huge amount.
After the news of receiving the tax notice came out, the share prices of ‘Dream 11’ fell. Remember that the Indian government has imposed a 28 percent tax on online gambling and casinos.
Tax authorities say that the subsidiary companies of ‘Dream 11’ were running gambling services, so these companies will have to pay 28% tax on their gross income.
The ‘Dream 11’ company recently released the new jersey of the Indian cricket company with a new logo.
After the tax notice on ‘Dream 11’, many users took to social media to comment and wrote that this is not the first time that the company sponsoring the Indian cricket team has fallen into trouble.
In the last 15 years, many big companies have gone through bad times after sponsoring the Indian cricket team. Sahara India, the long-time sponsor of the cricket team, is now bankrupt and its owner was jailed for concealing the company’s true figures and defrauding consumers.
Similarly, ‘Star Sports’ channel also sponsored the Indian cricket team for a long time. He won the highest bid in the history of cricket at that time for the broadcasting rights of cricket matches.
However, later Star Sports also declined.
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