Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: due date for vat payment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

IITs, IIMs not to face service tax for placements
November, 02nd 2006

Educational institutes like IIMs and IITs have got a bitter-sweet pill on service tax. The Central Board of Excise and Customs (CBEC) have given them a breather from any retrospective tax liability on the placement services they provide to their students, reports Our Bureau.

CBEC, which examined the matter in detail, issued a circular on Wednesday stating that these academic bodies were not liable to pay service tax prior to May 1, 06 under the category of manpower recruitment or supply service.

The definition of the manpower recruitment or supply of service, prior to May 1, 06 was any commercial concern engaged in providing any service, directly or indirectly, in any manner for recruitment or supply of manpower, temporarily or otherwise to a client.

The department has concluded that these institutes cannot be clubbed as commercial concerns and hence no service tax would apply on them, for the period before May 1, 06. It has now replaced the word commercial concern by substituting it with any person.

The changes were made in the service tax rules that came into effect from May 1, 06. It was meant to expand the scope of service providers. The circular added that for the period after May 1, 06, the decision to charge a service tax or not on these educational bodies, would be taken on a case-to-case basis after taking into account all relevant facts.

The issue came to light after IIM-A and IIM-B were issued show-cause notices in March this year, by the service tax department. Both the IIMs had strongly disputed the claim and contested the notices. The claims raised by the department were for last fiscal.

While IIMs and other such institutes pay service tax to the department for the management or other consultancy service provided by them, they were not paying any service tax on recruitment fees so far.

IIMs get close to $5,000 per student from a multinational recruiter while a domestic company pays a fixed fee depending on the day they are slotted, ranging from Rs 40,000 to Rs 1.80 lakh. The fees differ for different IIMs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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