Priyanka Chopra was ordered by the Income Tax Appeals Tribunal to pay luxury tax for an LVMH-TAG watch worth Rs 40 lakh and a Toyota Prius sedan worth Rs 27 lakh
Priyanka Chopra is said to have come under the control of the Income Tax Appeal Tribunal (ITAT) which asked the former Miss World to pay a luxury tax for an LVMH-TAG watch worth 40 lakh Rs and a Toyota Prius sedan valued at Rs 27 lakh.
The actress, however, said that both were gifts from people and were not part of her professional income. Chopra claimed the items were “gifts received from the company out of love, affection and respect and cannot be a taxable receipt,” according to a Indian express report.
The income tax officer disagreed with her in this regard and said: “A business is an artificial person and therefore has no emotional feelings of love and affection which are the cardinal factors in treating any transaction as a gift, “according to one India time report.
The noted value of the two items has been treated as taxable perquisites by ITAT under Section 28 (iv) of the Income Tax Act. The section treats as taxable, “the value of any advantage or advantage (convertible or not in money), resulting from the activity or the exercise of a profession”, according to the order sent by ITAT. These are just two of the many ordinances that were passed by ITAT on January 16. The decree covers a period of four years from the 2006-07 financial year.
Chopra is currently busy filming for the third season of Quantum. DDuring her last visit to India in December, Chopra was spotted performing at an awards ceremony and attending a literary gathering hosted by a publishing house.