Monthly Archives: November 2013

Service Tax on Real Estate Transactions

Service Tax on Real Estate Transactions
Service tax on real estate transactions implication on almost every sector, and real estate is no exception. With the introduction of the negative list concept since July, 2012, the scope of applicability of Service tax has increased manifold .
A summarized analysis is contained herein providing guidance on

Income of Trusts

Income of Trusts
In India there are many religious/charitable trusts for e.g. temples, Ashram, Gurudwaras, hospitals, educational, etc. propagating and working for social and charitable activities. What about their financial and taxing matters?
These trusts have to follow many regulations. Mainly they have to follow the rules of Bombay Public Trust Act (For Maharashtra State),

Tax Exemption on Leave Travel Allowance

We looked at the conditions governing tax exemption on leave travel allowance (LTA). In this post we will look at the calculation of the tax exemption amount. The exemption is available only on travel expenses (ticket fare etc.) incurred by the employee on leave travel. Expenses on local conveyance, boarding, lodging, sightseeing etc. cannot be

Service Tax on Export of Services

The first notification relating to export can be traced back to Notification No.2/99 dated 28-02-1999 which means that since July 1, 1994 up to 28-02-1999 the concept of ‘export of service’ was absent and consequently earnings in foreign exchange suffered service tax in contrast to the exporters of goods who enjoyed exemption. The said notification

Service Tax on Builders and Developers

1 Real Estate & Service Tax
1.1  Definition of term Service – Section 65B(44)
 Section 65B (44) defines service as – “service” means any activity carried out by a person for another for consideration, and includes a declared service, but shall not include—
 (a) an activity which constitutes merely,––
 (i) a transfer of title in goods or immovable property, by way of sale, gift or in