The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax.
The real estate developers in the country were opposing the service tax levied on the construction sector in the budget. To please developers and protect home owners from a drastic hike in home prices, finance minister Pranab Mukherjee had on April 29 reduced the gross sale value of property from 33% to 25% for tax consideration, which in effect would reduce the taxable portion.
ICAI has suggested that tax can be computed through three methods:
To read more, please, visit: http://digg.com/d31QEC2?e
Related Story:1) SATURDAY, MAY 1, 2010
April 2010 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog
Subscribe for Free!To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
For my blogs on real estate projects near Hinjewadi, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group