https://www.taxtmi.com/article/detailed?id=1579 Interest received under a bills rediscounting scheme from banking companies governed by the Banking Regulation Act is interest within the Interest Tax Act but, because Sections 5 and 6 expressly exclude interest on loans and advances made to other credit institutions from chargeable interest, such rediscounting interest does not form part of chargeable interest and is not taxable under the Act. en-us Sun, 22 Jan 2012 09:23:12 +0530 Sun, 22 Jan 2012 09:23:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1579 Interest received under a bills rediscounting scheme from banking companies governed by the Banking Regulation Act is interest within the Interest Tax Act but, because Sections 5 and 6 expressly exclude interest on loans and advances made to other credit institutions from chargeable interest, such rediscounting interest does not form part of chargeable interest and is not taxable under the Act. Articles Other Topics Sun, 22 Jan 2012 09:23:12 +0530 https://www.taxtmi.com/article/detailed?id=1579