service tax on handling & transaction charges
This query is : Resolved
22 December 2007
wether service tax shall levied on handling & transaction charges charged by a stock brokers from its clients?
13 February 2008
Yes service tax shall be applicable as per the following definition
Stock Broker’ means a stock-broker who has either made an application for registration or is registered as a stockbroker in accordance with the rules and regulations made under the Securities and Exchange Board of Indian Act, 1992 (15 of 1992).”
(Section 65(69) of Finance Act, 1994 as amended) The service provided by the stock broker becomes liable to pay Service Tax subject to the conditions that the
(a) Stock Broker should be registered as per SEBI Act, 1972.
(b) Stock should be listed in the Stock Exchange.
(b)The Stock Exchange must be recognized Stock Exchange as per Securities Contract (Regulation) Act, 1956.
(c) The Sale/Purchase should be on behalf of an investor.
Taxable event and scope of service:
Taxable service means any service provided to an investor by a stockbroker in connection with sale or purchase of securities listed on a recognized Stock Exchange.
(Section 65(72)(a) of Finance Act, 1994 as amended)
Stock Broker’ means a stock-broker who has either made an application for registration or is registered as a stockbroker in accordance with the rules and regulations made under the Securities and Exchange Board of Indian Act, 1992 (15 of 1992).”
(Section 65(69) of Finance Act, 1994 as amended) The service provided by the stock broker becomes liable to pay Service Tax subject to the conditions that the
(a) Stock Broker should be registered as per SEBI Act, 1972.
(b) Stock should be listed in the Stock Exchange.
(b)The Stock Exchange must be recognized Stock Exchange as per Securities Contract (Regulation) Act, 1956.
(c) The Sale/Purchase should be on behalf of an investor.
Taxable event and scope of service:
Taxable service means any service provided to an investor by a stockbroker in connection with sale or purchase of securities listed on a recognized Stock Exchange.
(Section 65(72)(a) of Finance Act, 1994 as amended)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Subscription paid to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
