the notification no 12/2012 issued on 27th march 2012 has provided the negative list which exempts the commision earned by the mutual fund agents. but to an assesseee service tax has been deducted from the period march 2012 to may 2012. whether the same would be refunded after 1.07.2012
3 Replies
NITIN
(.)
(96 Points)
Replied 09 June 2012
Hai Nikitha,
The Exemption of MF will be applicable only from July 1 2012 onwards , so the question of refund will not appear.
lokesh
(CA FINAL)
(81 Points)
Replied 09 June 2012
@ Nitin if If exemption applicable from april onwards then what would be the treatment..
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 11 June 2012
Service tax is payable by the service provider. It is not deducted whem commission is paid to the MF agents. Please checkup whether it is service tax or incometax TDS?
The negative list comes into effect from 1st July onwards and hence any exemption is applicable only that date only.
rengaraj r.k
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