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: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: empanelment :: VAT RATES :: articles on VAT and GST in India
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

No service tax on entry, exit loads charged by MFs
May, 17th 2007
In a major relief to mutual fund houses, the Finance Ministry has clarified that the entry and exit load charged from investors by mutual funds would not attract service tax under the category of fund management services.

The revenue department has said that entry and exit load charges are not towards the fund management services provided by an asset management company (AMC), but to meet the initial issue expenses and other specified expenses of the mutual fund.

Initial issue expenses of a mutual fund include initial brochures, SEBI approvals, advertisement, registrars, preparation of certificate, postage and distribution etc.

The Central Board of Excise and Customs (CBEC) has come up with this clarification in the wake of questions raised, especially within the revenue department, on whether service tax would be chargeable on the `entry and exit' load amount charged by a mutual fund to the investor.

The Government has gone along with the recent Customs, Excise and Service Tax Appellate Tribunal (CESTAT) judgment, which had said that service tax cannot be levied on the entry and exit load charged on an investor by a mutual fund.

In May last year, the Directorate General of Central Excise and Intelligence (DGCEI) had shot off letters to various fund houses and sought information as to whether they were paying service tax on the entry and exit loads charged from investors.

The DGCEI took a view that service tax was applicable on the entry and exit loads as they represented the value of services rendered by the mutual fund to investors.

The total assets under management of the Indian mutual industry as at end-April 2007 stood at Rs 3,52,670 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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