Service tax applicability on interest free deposit
This query is : Resolved
Meera Joisher
(Querist)
11 September 2012
Suppose I am a service provider giving a Life Membership Service & collecting service tax on it.
But suppose that, if I consider it as an Interest free Refundable Deposit instead of an income & change my company policy to refund the same after a period of say 30 years, then will Service Tax will be chargeable on this Interest Free Refundable Deposit?
Thanks for your replies in advance.
But suppose that, if I consider it as an Interest free Refundable Deposit instead of an income & change my company policy to refund the same after a period of say 30 years, then will Service Tax will be chargeable on this Interest Free Refundable Deposit?
Thanks for your replies in advance.
CA Suresh Jain
(Expert)
11 September 2012
There is no service tax chargeable on the deposits received from a person
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