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
Latest Expert Exchange
« News Headlines »
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it
 Received an Income Tax notice? Here is what you can do

IBA moots sweeping changes in service tax norms for banks
August, 25th 2006
In what can be viewed as removing grey areas related to various service tax matters in the banking sector, Indian Banks Association (IBA) has proposed sweeping tax benefits for the banking industry to the Central Board of Excise and Customs (CBEC). IBA has reviewed all the 160 items available for deductions under service tax for the banking industry. In view of difficulty by banks in collecting data on time from its numerous branches, IBA has asked CBEC to permit payment of service tax by banks on a quarterly basis as against the existing monthly basis. IBA has also asked for a procedure for filing of revised returns by the banks. In respect of forex transactions, CBEC considers the margin earned by the bank on buying and selling of foreign exchange, as a exchange profit and is hence, liable for service tax. The association argued that profit is earned or loss is suffered by trading in forex, and no service is rendered the customers. Further, the collection of bank charges in relation to taxes and duties collected on behalf of Central and state governments has been exempted with effect from September 2004. However, banks have rendered such services since July 1993. Hence, IBA has asked for exemption of these services with retrospective effect. Added to this, the industry is also facing complexities related to service taxes on card transactions. Service tax has been levied on the back-end credit or debit card transactions. However, the industry is not yet clear as to at which level of the transaction chain, the service tax needs to be levied. IBA has asked CBEC to allow levying of service tax by either the issuing bank or the acquiring bank. Currently, credit card service providers collect various types of fees while offering different services through credit cards. IBA argued that all the services should be made part of the value of taxable services. It also sought clarification regarding service tax on transfer of money by banks through different modes.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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