« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  Bharti Airtel to recover FBT from employees... Simplify ITR forms: IMC, BCAS to FM... » Govt to come out with clarification on works contract July, 28th 2007 The government on Friday said it would issue clarification on works contract which was included under service tax net this year. "We will issue clarification with regard to the ongoing contract after formal examination," Finance Ministry Joint Secretary (TRU-II) R Sekar said at Service Tax conference organised by Assocham here. Without giving a timeframe, he said the clarification would help in addressing confusions about various issues. Works contract involves transfer of goods and services. Under the category, tax is levied on services rendered in the execution of such contracts. Services, covered under the tax regime, are contract for carrying out erection or installation and commercial or industrial construction. Besides, it also includes works contract for turnkey projects and contract for construction of complex. However, contract in respect of specified infrastructure projects namely roads, airports, railways, ports etc are exempt from the ambit of service tax. Earlier, Central Board of Excise and Customs member P C Jha said two master circulars on service tax will be issued by the end of next month as part of simplification procedure. "We are in the process of finalising it (circulars) and should not take more than a month to issue these circulars," he said. The master circulars would be on technical and procedural issues, he said.