https://www.taxtmi.com/acts?id=6618 Interest tax covers finance charges of credit institutions, including hire purchase finance companies, when those charges are in substance interest. Genuine hire purchase transactions evidenced by independent sale documents and where the hirer is the real purchaser produce hire charges not treated as interest; arrangements functioning as security for loans yield hire charges taxable as interest. Assessing officers must assess terms, parties' relationships, and intentions to distinguish substance over form. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 13 Mar 2009 11:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6618 Interest tax covers finance charges of credit institutions, including hire purchase finance companies, when those charges are in substance interest. Genuine hire purchase transactions evidenced by independent sale documents and where the hirer is the real purchaser produce hire charges not treated as interest; arrangements functioning as security for loans yield hire charges taxable as interest. Assessing officers must assess terms, parties' relationships, and intentions to distinguish substance over form. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6618