Latest Expert Exchange Queries

Make 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) | 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 :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: cpt
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

IITs, IIMs may face tax for placement
August, 21st 2006
Hiring those whiz kids from IITs and IIMs is set to turn costlier. The government is planning to tap the placement services offered by management and engineering institutes under the ambit of service tax. The indirect tax department has instructed its field formations to conduct surveys and gather data about the fees the institutions charge for the placement services. The survey will zero in on how many such institutes charge placement fees and whether they were paying service tax on it. Sources told that the survey will give them a fair idea of the quantum of the tax. The move follows an appeal won by IIM Bangalore against the imposition of the tax. The issue had come to light after IIM Ahmedabad and IIM-B were issued show-cause notices in March this year by the service tax department. Both the IIMs had strongly disputed the claim and contested the notices. While the commissioner appeals in Bangalore had rejected the demand raised by the department, the notice to IIM-A is yet to be adjudicated upon. The manpower recruitment service was brought under the service tax net in Budget 06. Subsequently in Budget 07, government substituted commercial concern with any other person with regard to taxation of 17 services and it came into effect from May 1, 06. This was basically aimed at expanding the scope of service providers. The claims raised by the department were for the last fiscal. Turning down the appeals, the Commissioner (appeals) had ruled that the institute (IIM-B) was not a commercial concern. The CBEC is also examining the possibility of issuing a circular to clarify the issue, after examining in detail the data collected though the survey, sources said. IIMs and other such institutes pay service tax to the department for the management or other consultancy service provided by them. But they were not paying the tax on the recruitment fee. Multinational recruiters pay about $5,000 per student to IIM-A while local companies pay a fixed fee depending on the day their recruitment is slotted, plus a charge per student. The fee ranges from Rs 40,000 to Rs 1.75 lakh, meaning that a company slotted for the first day (popularly called day zero), would pay a higher fee. Besides, there is Rs 50,000 charge per student. The fees differ among the IIMs.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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