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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act Amendment Expands Taxable Services: Internet, IT Software, Securities, ULIPs, Tour Operators.</h1> The amendment to Section 65 of the Finance Act, 1994, as proposed in the Finance Bill, 2008, introduces several changes. It defines 'associated enterprise' per the Income-tax Act, 1961, and revises definitions related to foreign exchange broking, cargo handling, and information technology software. The amendments expand the scope of services taxable under service tax, including internet telecommunication services, information technology software services, and services related to securities and goods transactions. It also clarifies the tax treatment of Unit Linked Insurance Plans (ULIPs) and updates the definition of a 'tour operator.' The changes aim to broaden the tax base by substituting specific terms to include services provided to 'any person' rather than just 'clients' or 'customers.'
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