Tax on Free of Cost Material

[kothari K]

Dear Professionals Request you to guide me regarding Tax Liability on Free of Cost material Received (FOC Material).

[dinesh agrawal]

does query pertains to service tax or excise or income tax?

AI Summary

Tax liability on free of cost material: clarification sought whether it falls under service tax, excise or income tax. Tax liability on free of cost material: a practitioner seeks guidance on the tax treatment of goods received free of charge and whether such receipt is subject to service tax, excise duty or income tax; a respondent requested clarification of which tax head the query concerns prior to analysing applicable liabilities.