« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Bharti Airtel to recover FBT from employees... Simplify ITR forms: IMC, BCAS to FM... » Govt to come out with clarification on works contract July, 28th 2007 The government on Friday said it would issue clarification on works contract which was included under service tax net this year. "We will issue clarification with regard to the ongoing contract after formal examination," Finance Ministry Joint Secretary (TRU-II) R Sekar said at Service Tax conference organised by Assocham here. Without giving a timeframe, he said the clarification would help in addressing confusions about various issues. Works contract involves transfer of goods and services. Under the category, tax is levied on services rendered in the execution of such contracts. Services, covered under the tax regime, are contract for carrying out erection or installation and commercial or industrial construction. Besides, it also includes works contract for turnkey projects and contract for construction of complex. However, contract in respect of specified infrastructure projects namely roads, airports, railways, ports etc are exempt from the ambit of service tax. Earlier, Central Board of Excise and Customs member P C Jha said two master circulars on service tax will be issued by the end of next month as part of simplification procedure. "We are in the process of finalising it (circulars) and should not take more than a month to issue these circulars," he said. The master circulars would be on technical and procedural issues, he said.