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        Direct Taxes

        APPENDIX - CLARIFICATION ON APPLICABILITY OF INTEREST-TAX

        Interest-tax Act, 1974

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        Interest characterization of hire purchase charges: genuine hire purchase receipts are not interest, financing style arrangements are taxable as interest. Interest tax covers finance charges of credit institutions, including hire purchase finance companies, when those charges are in substance interest. Genuine hire purchase transactions evidenced by independent sale documents and where the hirer is the real purchaser produce hire charges not treated as interest; arrangements functioning as security for loans yield hire charges taxable as interest. Assessing officers must assess terms, parties' relationships, and intentions to distinguish substance over form.
                          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 characterization of hire purchase charges: genuine hire purchase receipts are not interest, financing style arrangements are taxable as interest.

                                Interest tax covers finance charges of credit institutions, including hire purchase finance companies, when those charges are in substance interest. Genuine hire purchase transactions evidenced by independent sale documents and where the hirer is the real purchaser produce hire charges not treated as interest; arrangements functioning as security for loans yield hire charges taxable as interest. Assessing officers must assess terms, parties' relationships, and intentions to distinguish substance over form.


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