agent commission

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gopal kumar burma

gopal kumar burma (Querist)
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26 February 2011 who is liable to pay s.tax in case of insurance agent under commission and brokage and which amount?

Arbind Aggarwal

Arbind Aggarwal (Expert)
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27 February 2011 The agent who is receiving the commission is liable to pay service tax if income is above 10 lacs.

caferoz

caferoz (Expert)
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27 February 2011 "who is liable to pay s.tax in case of insurance agent under commission and brokage and which amount?"

Dear Gopal

in case of insurance auxiliary services relating to general insurance business provided by an Insurance Agent, ST shall be paid by the General Insurance Company or the life insurance Co. which has appointed the Insurance Agent.

Regards
CA Feroz

gopal kumar burma

gopal kumar burma (Querist)
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12 March 2011 thank u sir ,one thing i want to ask that what is accounting period can be it start from 1st of nov. to 31 st of oct.One thing also tell me what is the meaning of most concurrent period if some one take insurance for loss of profit from 1st nov. and it is (New business,Old Business)under both cases .and there is a clause for taking consideration 12 months most concurrent accounting period then from where we start to calculate profit in case of loss in india.

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