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: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: due date for vat payment :: articles on VAT and GST in India
 
 
« Service Tax »
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty
 What is Goods and Services Tax Network (GSTN)?

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 2017 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