Aishwarya seeks Income Tax exemption, department declines

Aishwarya seeks Income Tax exemption, department declines 



Spicezee Bureau 



Mumbai, Feb 15: The Bachchan daughter-in-law Aishwarya Rai is claiming Rs55 lakh exemption under section 80 RR of the IT Act for earnings abroad to the tune of Rs1.85 crore for the assessment year 2003-04. These include shows abroad and endorsement deals. 



According to reports, the actress had requested an exemption in lieu of endorsement or promotion of a product abroad which she amounts to acting. The IT department has however declined the request, but Ash’s Chartered Accountants are claiming the opposite. 



It is believed that her CAs have secured an adjournment at the tax appellate tribunal recently and will be arguing on the issue in March. 



In 2003-04, Ash had filed an IT return of Rs11.46 crore, of which she claimed Rs1.85 crore were from earnings abroad. The bone of contention is her endorsement of Longines watches. The department's assessing officer and commissioner of appeals held that modeling or endorsement does not amount to acting, and does not qualify for tax exemption.