There is a business deal between my client and another investor that my client should earn considerable return in stock market e.g 4% pm. It should be shared between them 2.5:1.5.
Query: 1. Is it a taxable service? 2. Any abatement thereon? 3. what is the heads of income under income tax for my client? 4. my clients are 2 persons i.e can the service tax be obtained in 2 persons name joinly since MOU stands with 2 persons on one part.
30 July 2015
1 It is not a taxable service it is only a business deal. 2 No abatement. 3 It is a business income. 4 Service tax applicable on brokerage commission.
CAclubindia
