Education cess by EOUs - Raghavendra Rao formula?
DO you know how to calculate the education cess payable by the EOUs while making DTA clearances? The Development Commissioner of an SEZ, (who is also the Development Commissioner for all the EOUs in his state) the other day in a meeting expressed his anguish that nobody is clear on what exactly is the amount payable. He said “now there is the Raghavendra Rao formula”. He was referring to Taxindiaonline last week's guest column article by Raghavendra Rao.
[from our archives – we carried the above item five years ago in 07 02 2005. Let us hope the dispute ends here and the government will graciously accept the Tribunal decision]