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
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Fears of service tax on banks for insuring deposits eased
March, 23rd 2009

The proposal of imposing service tax on banks for insuring their deposits with an RBI subsidiary has been turned down.

The Central Board of Excise and Customs (CBEC) has over-ruled the proposal in this regard by the Commissionerate of Central Excise and Service Tax, Large Taxpayer Unit, sources said.

The commissionerate, part of the CBEC, was of the view that activities of the corporation are services and should attract tax under the head 'General insurance Business' with effect from May 1, 2006.

Deposit Insurance and Credit Guarantee Corporation, a Reserve Bank subsidiary, insures bank deposits to the tune of Rs one lakh for every depositor. Earlier, the commissionerate had communicated to the Reserve Bank that deposit insurance is liable to attract service tax.

However, the CBEC clarified on Friday that the corporation is doing a statutory function and hence cannot be taxed, according to sources.

The Large Taxpayer Unit is a self-contained tax administration office providing single-window services to taxpayers.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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