Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: form 3cd :: articles on VAT and GST in India :: empanelment :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
« Service Tax »
 Goods and Services Tax (Compensation to States) Amendment Act, 2017.
 Services sector need to brought under Section 72A of the Income-Tax Act
 Simplifying GST: Creating a Grand Simple Tax
 The way ahead for goods and services tax
 Goods & Service Tax (GST): Recent Clarifications
 Tax payers can see status of returns filed on GSTN portal
 Export And Import Of Goods Under GST
 The Finance Resolution And Deposit Insurance Bill, 2017
 Payment made in revenue sharing deal exempt from service tax
 India seen posting stronger growth as businesses adjust to new tax
 GST High Powered Committee On Return Filing - Representation by GST Research Foundation

Exempt non-executive directors pay from service tax: CII
July, 18th 2012

Apex industry chamber, Confederation of Indian Industry (CII), has urged the Government to keep the remuneration paid to non-executive directors outside the service tax net.

Simply put, the CII has said that non-executive directors should not be required to fork out service tax on the sitting fees and commissions received from companies.

With the negative list system coming into force from July 1, doubts have arisen about the applicability of service tax on remuneration paid to non-executive directors.

The CII has contended that non-executive directors perform management functions and do not provide any service to the company. Therefore, payments made to them should be kept out of the service tax net, the chamber said in a letter to the Finance Ministry.

Till clarification on non-applicability of service tax is issued, its levy may be made applicable under reverse charge mechanism. This will shift the onus of discharging the tax liability to the company making such payment, CII has suggested.

Prior to July 1, remuneration paid to managing director/directors of companies (whether whole-time or independent) did not attract service tax.

The Revenue Department had in July 2009 issued a circular exempting remuneration paid to directors from service tax levy. It had clarified that managing directors/directors being part of the board of directors perform management function and, therefore, are not chargeable to service tax under business auxiliary services as well as management consultancy service.

The CII letter to the Finance Ministry has noted that directors act as trustees of the shareholders while discharging their fiduciary duties.

Listed companies are required to appoint non-executive directors on their boards to ensure good corporate governance. Non-executive directors are appointed to execute statutory duties, the CII letter has said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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