Menu
Service tax on credit card emi
Whether Service Tax is chargeable on INTEREST portion of CREDIT CARD EMI Transaction?
Replies (1)
Definition of service excludes transfer of money, however any activity related to money which involves consideration will certainly fall within the ambit of Service.
(Clause (zzzw) of Section 65(105) of the Finance Act, 1994) includes “any service provided by a banking company, financial institution including non-banking financial company or any other person, issuing such card to a card holder”
Hence, Interest on Credit Card EMI would be chargeable to Service Tax.
Recent Threads
- Paying Rent in Cash: This Could Trigger an Income
- Market Down, Portfolio Down: Need suggestions for
- How much tax is payable If I withdraw my mutual fu
- GST Penalty Provisions under Section 73 vs Section
- How VFA Academy Helps Traders Build Discipline and
- GSTR-3B Relationship
- Section 194T: TDS on Payments to Partners: Applica
- Tax planning with HUF
- FCN ( Financial Credit Notes) Treatement in Books
- Indemnity bond notarization for Income Tax (NRI ou
Related Threads
CAclubindia
