« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  PM for import tariff cut, re-look at tax exemptions... Do you get what you give?... » IAMAI seeks service tax waiver January, 08th 2007 The Internet and Mobile Association of India (IAMAI), a non-profit body of internet and mobile value-added services players, has asked the finance ministry for a five-year moratorium on payment of service tax.    In a pre-Budget memorandum to the ministry, the IAMAI has said the Internet is at a nascent stage in India and the imposition of service tax on Internet advertisements is hampering the growth of the industry.    It has also asked for a waiver of service tax on transactions done through credit cards, debits cards and net banking.    When inter-change rate is added to the new service tax rate, the cost of products and services sold online becomes significantly higher than those sold offline. This seriously harms the nascent e-commerce industry in our country, the IAMAI said.    The online transaction market is around Rs 3,000 crore, growing at 100 per cent year on year, according to the body.    The IAMAI has demanded that mobile value-added services companies be given exemption from service tax, since there is no revenue loss to exchequer, as on end-user price the government is being paid a service tax by the telecom operators who are billing the customers for such services.    Levying service tax on these players would amount to duplication of efforts, it added.    The body also asked the central government to direct all state governments not to impose entertainment tax on Internet and broadband services.    Internet users in the country are set to grow to 42 million by March next year and the number of mobile value-added service users is 15 per cent of the total mobile.    In the first half of 2006, the industry has seen an investment of $75 million from venture capital firms.