Service tax on interest income
Querist : Anonymous
Kindly clarify regarding service tax Applicability on Interest Income on Loan provided by Micro Finance Company ( Public Limited Co.)
Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount is covered by negative list.
Accordingly, no service tax on interest income.
Querist : Anonymous
Even What I think is Interest Income Cant Be Taken into Service Tax Purview Since Practically Its Seem Not Possible.
Querist : Anonymous
Thanks for sharing such valuable information.
Interest is nothing but the time value of money.. there is no service provider...he is just giving the money and collecting it with interest.. who is the service receiver???
It is transaction in money and covered by negative list
Click here to login now
Similar Resolved Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
