Banks' Dormant Account Fees Are Penalties, Not Taxable Services Under Banking Regulations. https://www.taxtmi.com/highlights?id=40826 Banking and Other Financial Services - dormant account charges - By levying “dormant account charges’ such account holders are not getting any additional services or benefits that they were not getting earlier. This being so, levy of such charges are nothing but a penalty imposed on such account holders for keeping their account inoperative. - Not liable to service tax. en-us Mon, 13 Aug 2018 06:10:54 +0530 Mon, 13 Aug 2018 06:10:54 +0530 TaxTMI RSS Generator Banks' Dormant Account Fees Are Penalties, Not Taxable Services Under Banking Regulations. https://www.taxtmi.com/highlights?id=40826 Banking and Other Financial Services - dormant account charges - By levying “dormant account charges’ such account holders are not getting any additional services or benefits that they were not getting earlier. This being so, levy of such charges are nothing but a penalty imposed on such account holders for keeping their account inoperative. - Not liable to service tax. Highlights Service Tax Mon, 13 Aug 2018 06:10:54 +0530 https://www.taxtmi.com/highlights?id=40826