suresh v (chartered accountant) (51 Points)
13 May 2010sir
one my client is a Co-operative bank , they collects legal fees ,notice charges , postal expnss,court costs etc., actually incurred (not in excess of actualy incurred )from borrowers. whether above receipts are taxable under service tax?
waiting for the valuable opinion from the members
with regards
suresh v
Jeevesh Mehta
(Advocate- Corporate Commercial & Indirect Tax Advisory)
(861 Points)
Replied 14 May 2010
Hi,
Cooperative banks have been excluded from the definition of banking compnay as regards the service tax pooint of view. therefore in my view any service provided by such cooperative bank is not taxable.
regards
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