Is interest on loan a taxable service
This query is : Resolved
khushboo bothra
(Querist)
18 June 2012
Pursuant to negative list, will interest on loan- secured/ unsecured be a taxable service w.e.f 01/07/2012.
Sr. no. 1 of Abatement notification no. 13/2012-ST dated. 17-3-2012 provides 90% on services falling under the Financial leasing services including equipment leasing and hire purchase towards interest. In light of above, can it be construed that interest is not a service?
Sr. no. 1 of Abatement notification no. 13/2012-ST dated. 17-3-2012 provides 90% on services falling under the Financial leasing services including equipment leasing and hire purchase towards interest. In light of above, can it be construed that interest is not a service?
19 June 2012
Interest is not a service. Interest part is excluded from taxability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Non filing of I T Returns
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Import of Software Service.
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
