Service tax payment on interest
This query is : Open
Ganti Srinivas
(Querist)
20 October 2009
Is it interest part is taxable for interest free refundable security rental deposit for service tax?
CA. B.SRINIVASULU
(Expert)
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
(Expert)
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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