« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.