Service tax payment on interest

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Ganti Srinivas

Ganti Srinivas (Querist)
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20 October 2009 Is it interest part is taxable for interest free refundable security rental deposit for service tax?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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20 October 2009 If security deposit what you have collected is more than 12 months rent then this deemed provision treating interest as part of rent will calculated by the service tax department. Or if the portion is leased out for a sum say 5lakhs then on lease amount the interest will be treated as rent and service tax has to be paid accordingly.

CA ASHISH GUPTA

CA ASHISH GUPTA (Expert)
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06 January 2012 Srinivasulu sir.... is there any provision or case law that the deeming provision will be applicable only when security deposit is more then 12 months.

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