28 November 2012
Hi All, My query is 1. "Can an individual life insurance agent avail exemption from service tax on his commission income upto Rs. 10 lakh?" 2. "If service tax has been deducted from his commission can he claim refund of the same from the department?" Thanking you in advance.
28 November 2012
In respect of services rendered by an insurance agent, service tax is payable by the insurance company. The agent is NOT liable to pay service tax.
28 November 2012
That is true but his commission gets reduced by the amount of service tax. Can't he avail the exemption upto the first Rs. 10 lakh of his commission income?
CAclubindia
