LET’S TALK MONEY
The BCCI has ‘provisioned INR 3,150 crore towards income tax obligations for FY 2023-24’. © Getty
Death and taxes are not the only certainties in life after all – the ever-swelling riches and coffers of the Board of Control for Cricket in India (BCCI), it seems, are just as guaranteed. As per a report, circulated among the state associations, the Board had a bank balance of INR 20,686 crore as of 12 months back.
Inevitably that must have gone up exponentially over the last one year, the financial assessment of which will be revealed at the AGM on September 28, even as it has emerged that the BCCI continues to pay income tax in thousands of crores.
A relevant part of the statement of accounts, submitted at the 2024 AGM, reads, “Honorary Secretary apprised the members that since 2019, the cash and bank balance of BCCI has increased from INR 6,059 crore which was before disbursing any amount to the state cricket associations to INR 20,686 crore which is after disbursing all amounts owed to the state cricket associations.
“Therefore, since 2019, BCCI has added INR 14,627 crore in the last five years. This is an increase of INR 4,193 crore since the last financial year. Further, since 2019, the general fund too has increased from INR 3,906 crore to INR 7,988 crore which is an increase of INR 4,082 crore.”
The report also seems to bust the myth that the BCCI does not pay income tax. It set aside over INR 3000 crore towards taxes while continuing its appeal in various tribunals. “The BCCI has provisioned INR 3,150 crore towards income tax obligations for FY 2023-24. While BCCI is on the right track before the courts and tribunals, it has still made provisions towards paying any obligations that may arise towards tax,” the report reveals.
The revenue would have been much more for the board but the gross media rights income from BCCI’s international fixtures was reduced to INR 813.14 crore as compared to INR 2,524.80 crore of the previous year. “This decrease is the result of a reduced number of international home matches/series played during the year as compared to the previous year. During the year, ICC CWC 2023 (ODI World Cup) was hosted by BCCI during the month of Oct-Nov 2023,” says the report.
Some other key points of the Audited Statement of Accounts of 2023-24
Income from Tours: The gross receipts from Men’s Senior International Tours and events have decreased to INR 361.22 crore compared to INR 642.78 crore of the previous year.
Investment Income: The BCCI earned an interest income on bank deposits of INR 986.45 crore as compared to INR 533.05 crore of the previous year. BCCI has managed to get the highest ROI available in the market with minimal risk from the major Nationalized/Private banks under the guidance and support of Mr. (Jay) Shah.
Surplus: The surplus of income over expenditure was INR 1,623.08 crore as against INR 1,167.99 crore in the previous year. This increase is mainly due to increase in IPL 2023 surplus & distributions received from ICC.
Funds: BCCI has allocated INR 1,200 crore towards infrastructure development fund, INR 350 crore towards platinum jubilee benevolent fund and INR 500 crore towards infrastructure for cricket development funds. These allocations supplement the long-term vision of BCCI towards growth of cricket and supporting its former players.
“Substantial provisions have been made towards distribution of amounts to state cricket associations. The total for 2023-24 stands at INR 1,990.18 crore with projected allocation of INR 2,013.97 crore for 24-25,” it read.
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