Foreign payment as a mandate or broker

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2015 I AM ACTING AS A MANDATE OR BROKER BETWEEN BUYER AND SELLER. SO HOW CAN I RECEIVE COMMISSION IN $ VIA BANK TRANSFER ? CAN I RECEIVE IN MY PERSONAL NAME CURRENT OR SAVING A/C OR I HAVE TO RECEIVE IT AS BUSINESS CURRENT A/C ? IF PAYMENT IS > 10 LACS IN INDIAN RUPEE THEN DOES ANY TAX LIKE SERVICE TAX.applies ? IF TO RECEIVE IN BUSINESS A/C ONLY , PROPRIETARY FIRM IS OK ? IF I CAN RECEIVE IN MY NAME CURRENT or saving A/C THEN I HAVE TO PAY IT OR ADVANCE TAX ? IF ANY BODY HELPS I WILL BE GRATEFUL

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2015 1 You can receive commission via bank transfer to your savings ac.
2 Service tax applicable if total payment is exceeding 10 lacs.
3 Proprietary firm is OK.
4 IT advance tax payable.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2015 In case I receive in my saving a/c , do I have to adjust Service tax amt and pay it to govt. tax authority ?? Or If I Pay advance tax is sufficient or both I have to do ?? if amount is > 10 lacs

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2015 Pay service tax on the amount exceeding 10 lacs for first year from next year service tax payable on full amount.
Both you have to do.

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