To work and earn profit for the investors in stock market

This query is : Resolved

radhakrishnan (Querist)
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30 July 2015 Dear friends

There is a business deal between my client and another investor that my client should earn considerable return in stock market e.g 4% pm. It should be shared between them 2.5:1.5.

Query:
1. Is it a taxable service?
2. Any abatement thereon?
3. what is the heads of income under income tax for my client?
4. my clients are 2 persons i.e can the service tax be obtained in 2 persons name joinly since MOU stands with 2 persons on one part.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 July 2015 1 It is not a taxable service it is only a business deal.
2 No abatement.
3 It is a business income.
4 Service tax applicable on brokerage commission.

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