Sirs,
I am a properiter of a A/C restaurant already registered under service tax . I am also having income as qualified mutual fund agent, insurance agent from financial services. My income from mutual fund commission will be less than 10 lakhs/year.
Do i need to add my income from mutual funds even though it is less than 10 lakhs for service tax?
Regards
Dear Sir,
As far as Services of Mutual Fund Agent and Insurance Agent is concerned service tax with regards to these services are paid by your M. Fund/Insurance Co. On your behalf under Reverse Charge Mechanism. So u need not to pay any service tax on these services. However if you are also providing other financial services then you will be liable to pay service tax on those services and no separate limit of Rs. 10 Lacs will be available to you if you are already paying service tax on your restaurant services.
Thanks
CAclubindia
