« Top Headlines » Open DEMAT Account in 24 hrs  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups  Result of the Information Systems Audit [ISA] Assessment Test held on 8th November 2025 is likely to be declared on late evening (around 9 pm) of 16th November 2025.  Income Tax: What is revised I-T return which you can file till the end of the calendar year?  Creating Vouchers Directly from Bank Statements in Tally Prime A Complete Step-by-Step Guide «  Date Extended for Corporate Assessees to 30th November 2006... Theft convict can`t be employee of bank, says Delhi HC... » Banking services to SEZ units out of tax net October, 23rd 2006 Banking services offered to units set up in special economic zones have been exempted from paying service tax.   The clarification has been issued by the Central Board of Excise and Customs (CBEC) in response to a query from the Indian Banks Association (IBA).   According to banking sources, this had come as a relief to banks as well as promoters planning SEZs. While there had been a rush for banks to set up branches in SEZs as offshore banking units (OBUs) earlier, the business is restricted to certain sectors like export of commodities which are ruled by a global economic cycle. With a downturn in commodity prices, the business of offshore banking units had become highly restrictive, a banker said.   This has been one of the reasons for the RBI to curb the number of licenses allotted to banks for setting up OBUs in special economic zones.   Service tax on banking services has been raised from 10 to 12 per cent. It includes mainly the transfer of money through various modes such as electronic fund transfer and rendering of banking services to issuer of capital market instruments.