Composition scheme eligibility clarified: interest or discount on deposits and loans excluded from turnover calculation for eligibility. The value of exempt services by way of extending deposits, loans or advances, where consideration is represented by interest or discount, shall not be taken into account for determining eligibility for the composition scheme under Section 10 and shall be excluded when computing aggregate turnover for that purpose. The Order is issued to remove difficulties and supersedes the earlier Removal of Difficulties order.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Composition scheme eligibility clarified: interest or discount on deposits and loans excluded from turnover calculation for eligibility.
The value of exempt services by way of extending deposits, loans or advances, where consideration is represented by interest or discount, shall not be taken into account for determining eligibility for the composition scheme under Section 10 and shall be excluded when computing aggregate turnover for that purpose. The Order is issued to remove difficulties and supersedes the earlier Removal of Difficulties order.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
