Service Tax
The change in direct taxes levied by the government will leave the corporate with more amount of money to spend on investing and kick starting growth. The only bad news is the increment in the effective dividend tax distribution which is a tax that companies pay on dividends. However their outgoing tax may increase only [...] Continue Reading »
The Builders and property promoters in Coimbatore requested to the Commissioner of Central Excise, Customs and Service Tax to focus on the problem they faced in payment of Service Tax. The Representatives of the local Builders’ Association of India and Confederation of Real Estate Developers’ Associations of India and the Coimbatore Builders and Contractors Association [...] Continue Reading »
Chandigarh Housing Board held the auction of commercial properties which remained largely unsuccessful with only two properties fetching a little over the reserve prices. The CHB auction in 2009 had also met a similar fate. One of those properties was in Sector 38 (West) fetching Rs 61.13 lakh, just Rs 25,000 more than the reserve [...] Continue Reading »
The Commissioner, Customs and Central Excise Department has ruled that the conversion of plots will not attract service tax. This has come as a relief to the plot holders in Industrial Area, Phase I, and Phase II in Chandigarh. The order applies to the conversion from industrial to commercial. UT Estate Office was issued a [...] Continue Reading »
Jamshedpur – An amount of Rs 3 crore has been recovered as service tax from a builder in Jamshedpur. The central excise officials recovered this amount from eight offices of the builder in Bihar and Jharkhand. The builder was evading the service tax amount from past two years. The officials of the director general central [...] Continue Reading »
Currently financial intelligence agencies are scrutinizing service tax payment of several real estate companies across the whole country. The real estate firms are suppose to pay 12.5 per cent service tax but they doubt that many real estate companies are ignoring service tax. This search initiated on January 2, 2013. And thus it was found out that firms providing [...] Continue Reading »
New Delhi- If you haven’t yet paid your service tax dues, hurry up as November 27 is the deadline with over Rs.10-lakh rental income out of the immovable properties. Tax payers who fail to pay by the deadline will be charged a penalty. Tax implies to renting commercial properties with the rental amount exceeding the limit of Rs.10 lakh annually. [...] Continue Reading »
The Confederation of Real Estate Developers Association (CREDAI), on Wednesday, called for comprehensive reforms in areas related to land administration, banking and taxation to lift the realty sector and support in meeting the shortage of 26 million houses. CREDAI unveiled 10-point agenda to revive the sector, which is facing demand slowdown due to high interest [...] Continue Reading »
The money transfers to India by NRIs will not come under the realm of service tax as said by Prime Minister Manmohan Singh. Kerala chief minister, Oommen Chandy, said that the Prime Minister has dismissed all the reports related to levy of tax on the money of Indians working abroad. The Prime Minister asked for [...] Continue Reading »
The finance ministry has issued a notification exempting the Railways from 12 per cent service tax for three months till September 30, today. Thus, passenger fares and freight charges will not increase immediately. Railway Minister Mukul Roy had written to Prime Minister Manmohan Singh, requesting him not to introduce service tax on passenger fare and [...] Continue Reading »
