TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Chit fund services exempt from service tax, not classified under 'banking and financial services' per Finance Act, 1994, Section 65.</h1> The circular clarifies that services provided by chit funds do not fall under 'banking and other financial services' and are therefore not subject to service tax as per the Finance Act, 1994. The Reserve Bank of India advised that chit fund activities are akin to cash management, which is explicitly excluded from the definition of 'banking and other financial services.' Consequently, chit fund services are not considered taxable services under section 65(72)(zm) of the Finance Act, 1994. Relevant trade and field formations are to be informed of this clarification.
TaxTMI 
TaxTMI 
