Interest on deposits
This query is : Resolved
02 March 2012
Please guide if service tax would be applicable:
A partnership firm accepts deposits from clients and invests the amount in Shares/STock in the name of Partnership Firm.
The firm repays the deposits at the end of year along with 12% interest on the deposits.
Is service tax applicable
A partnership firm accepts deposits from clients and invests the amount in Shares/STock in the name of Partnership Firm.
The firm repays the deposits at the end of year along with 12% interest on the deposits.
Is service tax applicable
13 March 2012
No Service TAx is payable on the deposits collected and repaid along with interest.
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14 March 2012
Thank you very much
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