Posts Tagged ‘BANK’
US Bank exposed – auto loans – Part 5 of 5
A former employee of US Bank, Jason Werner, exposes the fraud at US Bank.
IRS Tax Levy- Resolve Bank Levy with Instant Tax Solutions
A bank levy is when your bank account is frozen and all or part of the profits in your bank account is confiscated. Bank levies can befall for numerous causes, all the same the two most common are due to unpaid taxes and unpaid debt.
A bank levy by the IRS is brought down on folks to reclaim the absolute sum of money owed, while adjusting the sum of money to the tax due. When you neglect to pay your taxes even after you’ve been dished out a lawful notification, your bank will recuperate the amount from your current account and return it to the IRS. In case your account has depleted monetary fund to address your debt to the IRS, your bank holds the right to freeze out your account and regain the full sum. This procedure is known as a bank levy. Put differently, a bank levy is enforced on you coming after your unfitness to answer to the notice and pay off the undischarged taxes to the IRS within twenty-one days.
The bank account can be about whatever type of account (e.g. savings, current, etc) and while most levies happen in the United States, the IRS or a different creditor can occasionally go after off shore accounts. Once a bank levy is brought in on your account, whatever money that is in the account will be confiscated. If there is not adequate profit in the account, the whole amount will be abstracted and your account will generally stay frozen till the debt is compensated.
LEVY OF SERVICE TAX ON EXTERNAL COMMERCIAL BORROWINGS FROM FOREIGN BRANCH OF AN INDIAN BANK
1. Service tax authorities, of late, have been issuing notices to various borrowers of External Commercial Borrowings (ECB’s) from foreign branches of Indian banks and holding them liable to pay <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=”http://www.taxmann.net/STOnlineWeb/NewHomePage/Home.aspx?pId=160″>Service tax</a> from September 10, 2004 under section 65(12)(a)(ix) of the Finance Act, 1994 which covers ECBs.
According to the borrower, the responsibility of paying service tax is of the service provider which is the foreign branch of the Indian bank and, hence, the Indian bank having a permanent establishment in India, is supposed to pay and not the borrower.
The contention of the service tax authorities is partially correct after coming into effect of section 66A of the Finance Act, 1994 from April 18, 2006.
Until the coming into effect of section 66A, the liability and obligation to pay service tax was that of Indian bank and not that of the borrower. Contrary to the contention of the service tax authorities, even under rule 2(1)(d)(iv) of the said Rules, effective from August 16, 2002 and June 16, 2005 respectively, the borrower cannot be made liable for the payment of service tax.
2. Rule 2(1)(d)(iv) reads as follows :—
‘Person liable for paying the service tax’ means,—