Clarification regarding service tax liability on mutual fund
This query is : Resolved
09 August 2016
In the recent budget a major change has been done in the service tax liability of Mutual fund distributors. i.e from reverse charge it is being transferred to forward charge means earlier the mutual fund companies were paying service tax on commision paid to distributors and now the distributors were to pay depending upon their taxable turnover.
My question is if a person is earning a commision income (from Mutual funds Companies) for fy 2015-16 of Rs.15,00,000 (taxable under Reverse Charge) and his estimated commision income for the current year is Say 16,00,000. how his tax liability is calculated ? will he receive
Small Scale Service Providers exemption or he is liable to even Re.1 of commision earned during fy 2016-17.
My question is if a person is earning a commision income (from Mutual funds Companies) for fy 2015-16 of Rs.15,00,000 (taxable under Reverse Charge) and his estimated commision income for the current year is Say 16,00,000. how his tax liability is calculated ? will he receive
Small Scale Service Providers exemption or he is liable to even Re.1 of commision earned during fy 2016-17.
10 August 2016
During the financial year 2015-16 he has provided service exceeding 10 lacs, small service provider exemption not available to him and he has to pay service tax from Re.1 of commission earned.during fy 2016-17.
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