sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 New tax rules which will help you save tax in FY2018-19
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals

Banking services to SEZ units out of tax net
October, 23rd 2006
Banking services offered to units set up in special economic zones have been exempted from paying service tax.
 
The clarification has been issued by the Central Board of Excise and Customs (CBEC) in response to a query from the Indian Banks Association (IBA).
 
According to banking sources, this had come as a relief to banks as well as promoters planning SEZs. While there had been a rush for banks to set up branches in SEZs as offshore banking units (OBUs) earlier, the business is restricted to certain sectors like export of commodities which are ruled by a global economic cycle. With a downturn in commodity prices, the business of offshore banking units had become highly restrictive, a banker said.
 
This has been one of the reasons for the RBI to curb the number of licenses allotted to banks for setting up OBUs in special economic zones.
 
Service tax on banking services has been raised from 10 to 12 per cent. It includes mainly the transfer of money through various modes such as electronic fund transfer and rendering of banking services to issuer of capital market instruments.

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions