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 STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
« News Headlines »
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions
  Mentioning of Minor Head Code for accounting of Refund

Large taxpayer unit at Chennai likely in December
July, 28th 2007
Similar units planned for Delhi, Mumbai

A second large taxpayer unit (LTPU) in the country is expected to get off the ground at Chennai in December this year, a top Finance Ministry official has said.

The second LTPU is likely to become operational at Chennai from December this year. After the Chennai launch, similar units would also be launched at Delhi and Mumbai for the benefit of large taxpayers, Mr P.C. Jha, Member, Central Board of Excise and Customs (CBEC), said at a national conference on service tax organised by industry chamber Assocham here on Friday.

The LTPU scheme was launched in October 2006 and the first such unit was set up at Bangalore. A taxpayer opting for this scheme would be able to file returns on excise duty, service tax and income-tax at the LTPU and for all practical purposes be assessed for all these taxes at the unit itself.

Works contract

Meanwhile, Mr R. Sekar, Joint Secretary in the Finance Ministry, said at the conference that clarification would be issued by the ministry on whether the composition scheme for service tax on works contract would be available for ongoing contracts or not (contracts executed prior to June 1 and ongoing).

Services involved in the execution of works contract were brought under the service tax net in the Budget this year and the tax came into force from June 1. The Finance Ministry had simultaneously introduced a composition scheme that provides a person liable to pay service tax on works contract services the option to pay service tax at an amount equal to 2 per cent of the gross amount charged for the works contract, instead of paying service tax at the normal rate.

The industry wanted to know if they could opt for the composition scheme even for contracts executed (and ongoing) prior to June 1.

 
 
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