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Service Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Rate of service tax - Hire purchase - the installment payments ...

Service Tax

July 4, 2014

Rate of service tax - Hire purchase - the installment payments are only obligations of the hirer - the contention that appellant continues to provide service during the payment of installments is not correct - AT

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  1. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

  2. Depreciation - mandation of ownership of such machines in name of the assessee - a hire purchase agreement is one where the hirer has an option to purchase the goods in...

  3. Classification of services - Banking and other Financial Services or otherwise? - CESTAT has returned a clear finding that hire purchase is but loan and that hirer...

  4. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

  5. TDS - with effect from 13/07/2006, payment by the assessee towards hire charges on hire purchase agreement to be liable for TDS u/s 194I of the Act - AT

  6. The hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974 - HC

  7. Hire purchase and financial lease service - Interest on loan is exempted from service tax is not to be included in the taxable service - stay granted - AT

  8. Deduction u/s 37(1) - Whether, payment of interest on delayed payment of instalments is penal in nature - Held No - It was simplicitor liability of interest on delayed...

  9. The amount of payment of interest are hire purchases cannot be characterized as interest payable and this provisions of Section 194A of the Act are not attracted in such...

  10. Deduction of Tax u/s 194C - Payment of Hiring of Cranes - The provisions of section 194C were only applicable for such payments and not provisions of section 194-I - AT

 

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