Interest definition broadened to include service fees and unused credit charges; withholding rates aligned with specified tax provisions. The amendment broadens the statutory definition of interest to include interest on borrowed moneys or incurred debt and expressly includes service fees, other charges, and charges for unused credit facilities; it also substitutes cross references so that incomes falling within specified preferential categories are subject to the rate or rates provided in those preferential provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest definition broadened to include service fees and unused credit charges; withholding rates aligned with specified tax provisions.
The amendment broadens the statutory definition of interest to include interest on borrowed moneys or incurred debt and expressly includes service fees, other charges, and charges for unused credit facilities; it also substitutes cross references so that incomes falling within specified preferential categories are subject to the rate or rates provided in those preferential provisions.
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