Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Govt to issue comprehensive tax circular
May, 31st 2007

The government will issue a comprehensive circular clarifying ambiguities of about 100 services in the tax net by mid-June, the source of which will be the board and not director general of service tax, said Central Board of Excise & Customs (CBEC) member P C Jha on Wednesday.

Addressing mediapersons in a seminar organised by industry body Assocham, Mr Jha said, The government is aware of inconveniences that trade and business has been facing on the service tax front. The comprehensive circular would replace all present circulars and would enable tax payers to access all required information in a detailed and simplified manner.

The government has already withdrawn 48 circulars issued since 1994 and efforts are being made to clarify all service tax-related issues. In future, all circulars would be issued only by the CBEC unlike in the past when director general of service tax also issued the circulars, added Mr Jha.

The government had imposed service tax only on three services in 1994, which generated revenues worth Rs 50 crore. It is now targeting service tax revenue of Rs 50,200 crore this fiscal against Rs 37,500 crore in 2006-07. Service tax commissioner Gautam Bhattacharya said the circulars would contain modified and required portion of present circulars.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting