BANKING SERVICE
This query is : Resolved
22 March 2010
DEAR EXPERT ,
IN OUR CITY THERE IS SMALL BRANCH OF STATE BANK OF INDORE,
THE BANK RECEIVED COMMISSION FROM THE SALE OF SBI LIFE INSURANCE PRODUCT.
WHETHER THIS COMMISSION IS TAXABLE OR EXEMPT ?
IF IT IS TAXABLE THEN WHO HAS PAID SERVICE TAX ON THIS ?
REPLY ME AS EARLY AS POSSIBLE.
IN OUR CITY THERE IS SMALL BRANCH OF STATE BANK OF INDORE,
THE BANK RECEIVED COMMISSION FROM THE SALE OF SBI LIFE INSURANCE PRODUCT.
WHETHER THIS COMMISSION IS TAXABLE OR EXEMPT ?
IF IT IS TAXABLE THEN WHO HAS PAID SERVICE TAX ON THIS ?
REPLY ME AS EARLY AS POSSIBLE.
22 March 2010
commission on insurance product is taxable both under Income Tax Act as well as Service Tax Act,it is possible that the payer has deducted the ST amt. and paid to the concerned authority, pl. confirm
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