Charging of S.Tax on earning through LIC

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..... Sir, I have a policy of 25 Lac for maintenance of my factory assets(machinery) and also paying premium.Before the policy expired I incurred loss to assets and received compensation as per insurance terms from insurer to the tune of 8 lacs. The service tax deptt. is claiming service tax on this income as business income. Please guide.Regards,Pradip. - Reply By SHIVKUMAR SHARMA - The Reply = Mr.P .....

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..... radip In my opinion,Service tax is not applicable on this income because you are not providing any service SHIVKUMAR SHARMA - Reply By PAWAN KUMAR - The Reply = Dear Sir, As per my view, service tax would not be leviable on such compensatory claim received as this is not a case of providing the service. - Reply By Naveed S - The Reply = Department contention appears to be right as compensa .....

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..... tion in form of insurance is received due to loss made on the assets. Making any gain/profit on any activity (other than manufacturing activity) and relating to business is nothing but business income. - Reply By Pradeep Khatri - The Reply = Dear All, This is an interesting issue. In addition to above replies, please also check the Negative list, Mega exemption notification and relevant judgm .....

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..... ents in this regard to dig out the appropriate answer. Regards, Team YAGAY SUN (Indirect Tax Consultants) - Reply By chandresh lathigara - The Reply = Even if they want charge st u can opt as ssi - Charging of S.Tax on earning through LIC - Query Started By: - Pradeep Dongre Dated:- 15-3-2014 Service Tax - Got 5 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post .....

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..... by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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