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Service Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Interest or service charge - Interest received for loan given to ...

Service Tax

June 6, 2018

Interest or service charge - Interest received for loan given to Subsidiary company for short period - The amount received by the appellant is interest cannot be said as charges of service provided by them - interest received by the appellant is not chargeable to service tax - AT

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  1. Disallowance of Interest Expenses related to Interest free Advance/loan given to its subsidiary company - The loan advanced to subsidiary company is financed from...

  2. Allowability of financial charges including interest expenditure - The assessee failed to produce documentary evidences, the end use of funds invested in subsidiary,...

  3. 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

  4. TP Adjustment - Interest on interest outstanding/interest receivable - The interest on a loan is a compensation received towards the utilisation of funds given by the...

  5. TP Adjustment - Benchmarking of interest receivable on loan - when the assessee has charged higher interest on loan to subsidiary compared to the prevailing interest...

  6. Arm Length Price (ALP) - Interest free loans to the sister concern by the Assessee-company - AE's who are 100% subsidiaries - The appropriate rate would be LIBOR plus 2% - AT

  7. Reverse charge mechanism - Section 66A of the Finance Act 1994 - services received and consumed outside India - services for obtaining Foreign Currency Term Loan -...

  8. Transfer Pricing Adjustment - Adjustment on account of notional interest on the receivables - when the assessee is having their own funds and not paying interest on any...

  9. Interest earned on loans given to employees will be taxed under the head “business income” - AT

  10. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

 

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