Tax

Service Tax Refund

Service Tax Refund

In case a service provider has made excess Payment of Service Tax to the Central Govt. than what was required to be paid, there are 2 options available to the assessee:- Self-Adjustment of Excess Service Tax Paid against his future tax liability Claim Service Tax Refund in Cash (applicable only where Self Adjustment is not possible) Self-Adjustment of Excess Payment ...

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Due Date for Payment of Service Tax & Late Payment Penalty

Due Date for Payment of Service Tax & Late Payment Penalty

As per the Service Tax Rules framed by the Govt. of India, Payment of Service Tax should be made at regular intervals. The Service Tax collected by the Service Provider shall be paid to the credit of the Central Govt. on a regular basis before the Due date for Payment of Service Tax and in case of Late Payment of ...

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Service Tax Registration

Service Tax Registration

As per the Rules framed by the Indian Govt., every Service Provider has to mandatorily apply for Service Tax Registration if the Value of Services expected to be rendered by him in a financial year is more than Rs. 9 Lakhs. However, if the Value of Services rendered in a financial year is less than Rs. 9 Lakh p.a. – ...

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Infrastructure Bonds

Infrastructure Bonds

A new deduction which has been allowed by the Govt of India is the deduction for Investment in Long Term Infrastructure Bonds u/s 80CCF. Most of the Tax payers are only aware of deductions for investments in Mutual Funds, PF, PPF etc. as these deductions have been continuing for a long time but are not aware of the deductions available ...

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Payment of Service Tax in 3 Steps – Explained with Screenshots

Payment of Service Tax in 3 Steps – Explained with Screenshots

The most concerning part about Service Tax is the Procedure for Payment of Service Tax. When it comes to Service tax, we have two options of payment of Service Tax i.e. we can either pay Service Tax manually in the specified banks or via  e-payment sitting at home. In today’s hectic schedule where we think 24 hours are less, if ...

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Practical Aspects in Works Contract – A Service Tax Perspective

Practical Aspects in Works Contract – A Service Tax Perspective

Works Contract Avenue has always been one aspect full of dilemmas for both the professionals and the department. The Complex jargon of Interpretations, Judicial Case Laws and deciphering statutes along with multiplicity of angles makes the work that much more daunting. This Article takes up one angle of Works Contract being Service tax on Works Contract. Though Works Contract is ...

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What is Service Tax and Current Rates of Service Tax in India

What is Service Tax and Current Rates of Service Tax in India

This Article has been authored by CA Bhavnoor Singh Bhatia You can also get your articles published on Chartered Club by mailing them to us at info@charteredclub.com ———————————————————————————————————————————————————- When we use any service be it a phone bill payment or Hire a room in a hotel we have to pay out little more than the actual rates charged. Ever wondered ...

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Concept and Relevance of TRANSFER PRICING

Concept and Relevance of TRANSFER PRICING

New Emerging Trends like Globalisation and the Increasing Participation of Multi-National Groups in the Economic Activities in the Country have given rise to new and complex issues emerging from International Transactions entered into between two or more enterprises belonging to the same multi-national group. The Profits derived by such enterprises carrying on business in any country can be controlled by ...

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Transfer Pricing: Methods of Computation of Arm’s Length Price

Transfer Pricing: Methods of Computation of Arm’s Length Price

The Provisions of Transfer Pricing have been introduced to ensure that income arising from an International Transaction between Associated Enterprises shall be computed having regard to the Arm’s Length Price. Any cost or expense allocated or apportioned between two or more associated enterprises under a mutual agreement or arrangement shall also be at an Arm’s Length Price. Refer Article – ...

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Grossing Up & Computation of Income Tax Liability of Expats in India

Grossing Up & Computation of Income Tax Liability of Expats in India

In the previous article I explained about the concept of taxation of expatriates. (Refer article – Taxation of Expats in India) Now I with explain with an example how to compute the tax liability for an expatriate. Taxation of expatriate is the same like normal computation of Income and Tax liability but with an additional requirement of grossing-up of tax. ...

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