CAG finds discrepancies in tax assessment in entertainment, sports sectors

NEW DELHI: Government auditor CAG has found discrepancies in tax assessments of several players in the entertainment, sports and amusement sectors that led to revenue loss of Rs 2,267.82 crore.

The CAG has made the made these observations in its performance audit report that covered assessment of entities engaged in key sub-sectors of entertainment sector, including television, radio, music, event management, films, animation and visual effects, broadcasting, sports and amusement.

The audit report, which covered the scrutiny assessments completed by the Income Tax Department from 2013-14 to 2016-17 period, was tabled in the Parliament on Monday.

Out of total of 13,031 assessments made in the period by the I-T Department, the Comptroller and Auditor General (CAG) said it checked 6,516 assessment records (about 50 per cent) with assessed income of Rs 47,979.44 crore. (AGENCIES)