Composition scheme eligibility clarified: exempt interest and discount on deposits and loans excluded from aggregate turnover calculations for composition entitlements. The value of exempt services by way of extending deposits, loans or advances, where the consideration is represented by way of interest or discount, shall not be taken into account for determining eligibility to opt for the composition scheme under the second proviso to sub section (1) of Section 10, nor in computing aggregate turnover for that purpose.
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: exempt interest and discount on deposits and loans excluded from aggregate turnover calculations for composition entitlements.
The value of exempt services by way of extending deposits, loans or advances, where the consideration is represented by way of interest or discount, shall not be taken into account for determining eligibility to opt for the composition scheme under the second proviso to sub section (1) of Section 10, nor in computing aggregate turnover for that purpose.
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 
