Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Interest on borrowed capital extends to service fees and other charges connected with money borrowed, debt incurred or a credit facility. Protection insurance, processing fees and annual maintenance charges paid in connection with a bank loan used to acquire a let-out property fall within this broader meaning where their genuineness and nexus with the borrowing are undisputed. Such charges are deductible as interest on borrowed capital in computing income from house property, and the related disallowance is not sustainable.
Interest on borrowed capital extends to service fees and other charges connected with money borrowed, debt incurred or a credit facility. Protection insurance, processing fees and annual maintenance charges paid in connection with a bank loan used to acquire a let-out property fall within this broader meaning where their genuineness and nexus with the borrowing are undisputed. Such charges are deductible as interest on borrowed capital in computing income from house property, and the related disallowance is not sustainable.
Note: It is a system-generated summary and is for quick reference only.
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