19 May 2008
Actually i am a mutual fund advisor and i am receiving commissions from a number of asset management companies of mutual fund, and while crediting commission amount they are deducting some amount of service tax on it.
actually i want to know whether i can take refund of service tax by submitting my incmetax return.
i am also working for a broing firm and getting salary.
is there some change in tax-implicatons while showing my this mutual fund income as other sources income and main stream income.
20 May 2008
If you are rendering service you have to charge service tax.
Service tax can not be claimed as refund by filing incometax return.
If your service income is less thsn the threshold limit it is your responsibility to inform your clients that you are not liable for service tax. Raise your bill also accordingly.
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