28 July 2015
I AM ACTING AS A MANDATE OR BROKER BETWEEN BUYER AND SELLER. SO HOW CAN I RECEIVE COMMISSION IN $ VIA BANK TRANSFER ? CAN I RECEIVE IN MY PERSONAL NAME CURRENT OR SAVING A/C OR I HAVE TO RECEIVE IT AS BUSINESS CURRENT A/C ? IF PAYMENT IS > 10 LACS IN INDIAN RUPEE THEN DOES ANY TAX LIKE SERVICE TAX.applies ? IF TO RECEIVE IN BUSINESS A/C ONLY , PROPRIETARY FIRM IS OK ? IF I CAN RECEIVE IN MY NAME CURRENT or saving A/C THEN I HAVE TO PAY IT OR ADVANCE TAX ? IF ANY BODY HELPS I WILL BE GRATEFUL
28 July 2015
1 You can receive commission via bank transfer to your savings ac. 2 Service tax applicable if total payment is exceeding 10 lacs. 3 Proprietary firm is OK. 4 IT advance tax payable.
29 July 2015
In case I receive in my saving a/c , do I have to adjust Service tax amt and pay it to govt. tax authority ?? Or If I Pay advance tax is sufficient or both I have to do ?? if amount is > 10 lacs