TaxTMI 
TaxTMI 
Tax on Free of Cost Material
25 Nov 2010 
1 Reply 
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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. (AI Summary)
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. (AI Summary)
Dear Professionals Request you to guide me regarding Tax Liability on Free of Cost material Received (FOC Material).