Questions on Interest Rates and Taxation for Jewelry Pawn Shop in West Bengal

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This discussion seeks guidance for opening a jewelry pawn shop in West Bengal, specifically concerning the maximum interest rate allowed for gold loans under a pawnbroker's license. It also inquires about the tax regulations applicable to the interest income generated from such a business. The user is looking for detailed insights into these financial and legal aspects.

Jeet

Jeet (Querist)
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14 January 2024 Sir
I'm planning to start a jewelry pawn shop in West Bengal and obtain a pawnbroker's license. Can you guide me on the highest allowable interest rate under the license for providing gold loans? Additionally, I'm curious about the tax regulations surrounding the income earned from interest in this business. Your detailed insights would be highly appreciated.