Foreign payment as a mandate or broker

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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)

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)

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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