Clarification on applicability of Interest-tax Act to hire purchase transactions

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....ase transactions Circular No. 738 Dated 25/3/1996 The Board have received representations seeking clarification about chargeability of interest-tax on finance charges accruing or arising to hire pu....

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....re purchase transactions are generally in the nature of finance transactions entered into by the companies engaged in the business of financing. 4. The Board are of the view that the finance charges ....