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Income Tax Troubles For Priyanka Chopra
By: Tupaki Desk | 25 Jan 2018 12:31 PM GMT
Income Tax Department isn't sparing anybody these days. Even Celebrities can't boast about the expensive gifts they received anymore without paying the taxes. Priyanka Chopra was asked to pay taxes for a sedan and luxury watch though she claims to have received them as gift.
The Income Tax Appellate Tribunal (ITAT) refused to entertain Priyanka Chopra claims that LVMH-TAG watch worth Rs 40 lakh and Toyota Prius Car worth Rs 27 lakh were gifts from the companies selling them but not a professional income.
As per 28 (iv) of the I-T Act, Benefit in any form from business or profession are taxable. During the assessment year 2007-08, LVM-TAG Watches offered a fee of Rs 1.40 crore and a luxury watch to Priyanka Chopra for modelling and promotions for a two year period.
For the financial year 2009-10, ITAT upheld the addition of Rs 27 lakh (worth of Toyota Prius Car) to Priyanka's income by the Income Tax Official.
The Income Tax Appellate Tribunal (ITAT) refused to entertain Priyanka Chopra claims that LVMH-TAG watch worth Rs 40 lakh and Toyota Prius Car worth Rs 27 lakh were gifts from the companies selling them but not a professional income.
As per 28 (iv) of the I-T Act, Benefit in any form from business or profession are taxable. During the assessment year 2007-08, LVM-TAG Watches offered a fee of Rs 1.40 crore and a luxury watch to Priyanka Chopra for modelling and promotions for a two year period.
For the financial year 2009-10, ITAT upheld the addition of Rs 27 lakh (worth of Toyota Prius Car) to Priyanka's income by the Income Tax Official.
