Hey
I am Managing One Society its Monthly Maintaince is Exceeding Rs. 5000 & Its Annually Collection from Member is Also Exceeds Rs. 10 Lakh so that my client is liable to collect service tax from its member
But
My Question is that when Society Charges 21% P. A. Interest on Delay payment of Maintaince Charges
is that interest earned by society is subject to service tax collection??
Thanks in Advance
The same is not taxable by virtue of Rule 6(2)(iv) of Service tax (determination of value) rules, 2006.
The instant case would not be covered by Section 66D(i.e. negative list), since that section covers interest in cases, wherein loans or advances are given.
| Originally posted by : Sumit Grover | ||
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The same is not taxable by virtue of Rule 6(2)(iv) of Service tax (determination of value) rules, 2006. The instant case would not be covered by Section 66D(i.e. negative list), since that section covers interest in cases, wherein loans or advances are given. |
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Thank you so much Sumit
| Originally posted by : Sunil Kumar | ||
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There is no service tax on interest as this would cover under section 66 D I.e negative list and consequently no service tax on same | |
Thank you so much sunil for your response
CAclubindia
