vehicle finance is taxable ??

[Mehul Pandya]

Sir,

My query is our is partnership firm willing to start car finance activity.

Is this activity is taxable as we are partnership ??

if yes then pl. guide its category and tax rate..

AI Summary

Tax Implications on Car Finance: Business Support or Auxiliary Services? Notification 30/2012-ST Exclusion Explained. A partnership firm inquired about the taxability of starting a car finance activity. The response indicated that this service might fall under Business Support Services or Business Auxiliary Services, subject to tax on the gross value of taxable services at the normal rate. It was clarified that Notification 30/2012-ST/20-06-2012, effective from 01-07-2012, would not apply to their case.