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How do we calculate service tax charges(in India) on third party transfer funds (NEFT)?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

it says Rs 2.5 + taxes (NEFT , RS upto 10000) so suppose i transfer 5000RS from one bank (SBI) to another bank(ICICI) then how much money will be deducted(debited) from my account. i have seen this line many times ..what does this mean? i mean how could i find my Service Tax(12%) and Education Cess(3% ...what is this?)

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Now service tax rate get changed so the new effective rate charged by bank and others is 14%. In this case you have to pay to the bank as neft charges of rs 2.5+.35 i.e.2.85. and also as per budget 15, there is no education cess etc. i.e. 14% include tax and cess. you have no need to bifurcate this between tax and cess and directly u can claim input credit of rs .35 without bifurcation, if applicable.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

ok you can try lik this as shown below 2.5 * 12.36% (12% + 3% of 12%)? = 0.31 visit [CAKART provides the best video Lecture and Online classes, coaching for Chartered Accountant CA FINAL, CA Intermediate | CA IPCC, CA Foundation | CA CPT Exams; Company Secretary CS FINAL] to avail discount use my ambassador code :CAKARTAMB1671782 for more article visit https://www.cakart.in/blog http://cakart.in

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Preetham, Now service tax rate get changed so the new effective rate charged by bank and others is 14%. In this case you have to pay to the bank as neft charges of rs 2.5+.35 i.e.2.85. and also as per budget 15, there is no education cess etc. i.e. 14% include tax and cess. you have no need to bifurcate this between tax and cess and directly u can claim input credit of rs .35 without bifurcation, if applicable. Any other query feel free to contact us. Writer CA Chitranjan Agarwal

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