Latest Expert Exchange Queries
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: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARD :: empanelment
 
 
« ICAI »
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 are likely to be declared on Tuesday, the 17th January 2017.
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 is likely to be declared on 17th January, 2017.

ICAI: Exclude value from service tax
April, 13th 2010

Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject.

"When a prospective buyer makes an advance payment to the builder against booking of a specified unit in a building, that part also includes a price towards the land on which the building is being constructed and treating the entire amount being paid by the prospective buyer to the builder would amount to imposing a tax on transfer of land which is a state subject," ICAI said.

The Budget 2011 proposes to bring the realty sector, including new residential properties under service tax net.

In its post-budget recommendation on indirect tax, the Institute of Chartered Accountants of India (ICAI) suggested that the value of land based on municipal valuation be excluded from the payments made by the buyer as the "intention cannot be to tax the value of the land or the appreciation in the value of the land".

Finance Minister Pranab Mukherjee in the Budget 2010-11 brought construction of real estate complexes under the ambit of service tax unless the entire consideration for the property is paid after completion of construction.

"In the construction of complex services, it is being provided that unless the entire consideration for the property is paid after the completion of construction (i.e. After receipt of completion certificate from the competent authority), the activity of construction would be deemed to be a taxable service," said the Budget proposal.

Complex has been defined as buildings consisting of more than 12 residential units. Finance ministry officials later clarified that service tax of 10.3 per cent would be imposed on 33 per cent of the selling price of the property, which effectively means about 3.5 per cent of the total cost of the property.

Last week, CREDAI -- an apex body for realtors -- said it will consider taking the government to the court if its demand for excluding land cost from the proposed service tax on real estate complexes under construction is not met.

Not only developers, even the urban development ministry said it would soon approach the finance ministry seeking a review of the proposed service tax on real estate sector as it feels levy will hurt the sector, which is yet to recover from the global economic recession.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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