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Service Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Stock Broker - The demand of service tax on account of income ...

Service Tax

October 12, 2018

Stock Broker - The demand of service tax on account of income from distribution of mutual funds and selling bonds issued by banks/companies is not sustainable and the same is set aside.

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  1. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  2. Liability of Service Tax – direct service tax liability or not due to reverse charge on recipient of services – Appellant was not distributor of mutual fund or agent...

  3. Investment in Mutual Funds - merely because the transactions was put through Bank account, does not make it a genuine/bonafide transaction - AT

  4. Implementation of circular on upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) - Circular

  5. Bombay Stock Exchange towards broker contingency fund and admission fees are capital in nature. - AT

  6. Demand on the ground that the additional amount collected by the appellants (stock-broker) from their clients as “transaction charge” is part of service charges - stay granted - AT

  7. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  8. Classification of service - Sub-broker to the main stock broker - Once the appellant is out of purview of section 65 (101), its activity was rightly covered by the...

  9. Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2002.

  10. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

 

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