« Top Headlines » Open DEMAT Account in 24 hrs  Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save  ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return  These five technical glitches may impact your Income tax return (ITR) filing. Know here  ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns  ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year  Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year  ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year  Income Tax Filing: 10 necessary guidelines that you must be aware of  Why you should file your income tax returns before July 31  What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)  Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR? «  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.