PUTTING THE VAGARIES OF SERVICE TAX INTO PRACTICE
Article Abstract:
The Finance Bill 1998 has not levied service tax on road transport operators. It is removing the service tax levied on pandal or shamiana contractors, outdoor caterers. A service tax of five percent is levied on practicing chartered accountants, company secretaries, cost accountants, management consultants, architects, interior decorators, real estate agents, private detective and security agencies, credit rating agencies, market research agencies and underwriting companies. Practicing lawyers and advocates have been exempted from the service tax. Mechanised slaughter houses will also pay service tax. All service taxes will be collected by the excise department. (rk)
Comment:
India: Finance Bill 1998 does not levied service tax on road transport operators
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SWEAT EQUITY LIKELY TO BE TAXED, ESOP PROVISIONS UNDER REVIEW
Article Abstract:
The Government of India proposes to levy tax on sweat equity offerings. The sweat equity offerings may be brought under the tax net during the 1999-2000 budget, following the issue of the ordinance for allowing sweat equity options to the employees. The Government may also review tax implications of the employee stock options (Esop). Now, the Government is waiting for the JR Verma Committee on stock options set up by the Securities and Exchange Board of India. Now, the Central Board of Direct Taxes exempts the shares given to the employees as a part of the Government divestment plan, which is a kind of Esop, from tax. (ag)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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FOREIGN COs CANNOT ESCAPE MAT
Article Abstract:
The Authority for Advance Ruling (AAR) has passed an order stating that minimum alternative tax (MAT) provisions applies to foreign companies also. The order which is expected to have a great impact on the assessment of foreign companies in India was passed in a case relating to a company based in the Netherlands. The Income Tax Act, 1961, allows foreign residents to secure an advance ruling on their tax implications of a transaction or a proposed transaction. (ag)
Comment:
India: Authority for Advance Ruling has passed an order stating minimum alternative tax provisions applies to foreign cos also
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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