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Service Tax : Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments...
If you are the breadwinner of your family and willing to buy health insurance plans for your children, spouse, and parents, you can avail tax benefits under section 80D of income tax act, 1961. You can avail these benefits as an individual as well as when you buy it for your parents no matter whether they are dependent on you or not.
Health Services means any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an employee of any business entity, in relation to health check-up or preventive care, where the payment for such check-up or preventive care is made by such business entity directly to such hospital, nursing home or multi-specialty clinic; or (ii) to a person covered by health insurance scheme, for any health check-up or treatment, where the payment for such health check-up or treatment is made by the insurance company directly to such hospitals, nursing home or multi-specialty clinic.
In just recent past i.e. 01.07.2010 Service tax on Health Services (Section 65(105)(zzzo) of Finance Act, 1994) was introduced and without any doubt it was caught by all uncertainty and mystery. Taxable health services meant – any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an employee of any business entity, in relation to health check-up or preventive care, where the payment for such check-up or preventive care is made by such business entity directly to such hospital, nursing home or multi-specialty clinic; or
Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments to existing clauses of same section and following services Services provided by a Restaurant, Short Term Accommodation. Commercial Coaching and Training, Legal Services, Health Services.
1) The amendments to the provisions of Finance Act, 2011 pertaining to Service Tax shall come into force from 1st day of May 2011. Notification No. 29/2011 – Service Tax the 25th April, 2011. 2) Service tax on Medical Services : EXEMPT FULLY from service tax w.e.f. 1st day of May, 2011.Section 105(65)(zzzzo) was inserted by Finance Bill-2011 which provided for levy of service tax on taxable services provided to any person (i) by a clinical establishment; or (ii) by a doctor, not being an employee of a clinical establishment, who provides services from such premises for diagnosis, treatment or care for illness, disease, injury, deformity, abnormality or pregnancy in any system of medicine. Notification No. 30/2011 – Service Tax the 25th April, 2011
But health services offered by the private doctors, lab testing and diagnostic services are out of the ambit of service tax. The Centre is likely to target these services to complete the chain in the health sector. Similar services attract tax in sev
CBEC has notified 8 new taxable Services w.e.f. 1.7.2010 vide Notification No.24/2010-Service Tax dated 22.6.2010. The following are the new taxable Services introduced w.e.f. from 1.7.2010. 1. Games of chance (zzzzn),2 Health services (zzzzo), ,3 Maintenance of medical records (zzzzp)
The Finance Ministry has specified July 1 as the date from which service tax levy would be applicable on the eight new services brought under the tax net in Budget 2010-11. The eight new services include services of promoting, marketing or organising of games of chance, including lottery, health services undertaken by hospitals for employees of business organisation and health services provided under health insurance schemes offered by insurance schemes, services provided for maintenance of medical records of employees of a business entity and promoting a ‘brand’ of goods, services, events and business entity etc.
Large number of health insurance schemes are being offered by the insurance companies under which charges for hospitalization, surgery, post-surgical nursing etc. are generally paid by the insurance company. Such insurance policies, which fall under the category of general insurance service, are already taxable. Under general insurance service, an insurance company is a service provider to its clients.
It is proposed to insert clause (zzzzo) in Section 65(105) of the Act so as to define taxable service as “service provided or to be provided by any hospital, nursing home or multi-specialty clinic to an employee of any business entity, in relation to health check-up or preventive care, where the payment for such check-up or preventive care is made by such business entity directly to such hospital, nursing home or multi-specialty clinic”
