« Top Headlines » Open DEMAT Account in 24 hrs  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups  Result of the Information Systems Audit [ISA] Assessment Test held on 8th November 2025 is likely to be declared on late evening (around 9 pm) of 16th November 2025.  Income Tax: What is revised I-T return which you can file till the end of the calendar year?  Creating Vouchers Directly from Bank Statements in Tally Prime A Complete Step-by-Step Guide «  ICAI proposes to introduce biometric smart cards... Telcos to face special service tax audits... » Brokers take up service tax issue with FMC December, 14th 2006 Brokers have urged the Forward Markets Commission (FMC) to clarify on the service tax on exchange transaction charges in commodity futures trading.    In a recent meeting between the members of national commodity exchanges in the south zone and the regulator, almost all brokers expressed concerns over the issue as they see the tax as a huge financial burden on them.    Broking firms had to remit a huge sum as the service tax on exchange transaction charges as it had been due effective from October 2004.    It is learnt that FMC Chairman S Sundareshan assured the members that the commission had already taken up the issue with the ministry of consumer affairs and a solution would be reached soon.    In the capital markets, the service tax is collected only on the brokerage at a rate of 12.2 per cent. But for the commodity futures mart, the central excise department even insists on tax on exchange transaction charges. And the department issued several notices in this regard.    A director of a leading brokerage said it was a discrimination to collect tax on transaction charges. He stressed that the same procedure should be practised in both the capital and commodity markets.    We paid crores of rupees on the instruction of the excise department. This part is the income of the exchanges why should we pay for that, he said.    Earlier, a section of brokers had appealed to the department and also sought the intervention of FMC.    A top official of a leading broking house of the country said what was happening was owing to lack of necessary guidelines from the government. There was no logic behind adopting double standards for a similar line of business.    After getting assurance from the FMC chairman of taking up the issue seriously and settling it amicably, broking firms are hoping for the best, keeping their fingers crossed.