Edu cess on Service tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2010 Dear Sir,
present rate of service Tax is 10.3.
if am are right then breakup off that is following.

Service Tax 10 %
edu cess 2 %
higher edu cess 1 %
------
10.3%

Ravi Karda

Ravi Karda (Querist)
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05 February 2010 Dear Sir/Madam

As per my knowledge it is mendatory for the client to register the PF Fund created for its Employees under LIC Agreement.

I am facing a problem regading the case stated below.

A Firm provides its Employees PL (P.Leave), which accumulates & Employee gets cash against its accumulated PL at the time of Retirement / VRS. A scheme under LIC was created to Payment made to LIC on Annuity basis a sum fixed on Actuarial Basis.

Whether the registration of the above fund under Income Tax Act / Rules is madatory with Income Tax Deaprtment to Claim the above expenditure under Income Tax Act.

Quoting Any Circular / Notification / Direct Section Referance will be highly appreciated

Regards,

Ravi Karda

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 February 2010 Yes. 10% Service ta 2 % e.cess on ST & 1% SHE.Cess on ST Total 10.3

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