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
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
