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No recovery of Interest on delayed payment of GST to be made for the past period, clarifies CBIC
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25' August 2020 relating...
![12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/07/Delayed-GST-Payment-Taxscan.jpg "12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]")
![Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/07/CBDT-Taxscan.jpg "Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020 [Read Notification]")
![Interest under Income Tax Act can’t be levied on a Wound-Up Company: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/08/GSTAT-Madras-High-Court-Taxscan.jpg "Interest under Income Tax Act can’t be levied on a Wound-Up Company: Madras HC [Read Judgment]")
![Interest from Fixed Deposit taxable as ‘Other Income’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/03/site-image3-16-1.jpg "Interest from Fixed Deposit taxable as ‘Other Income’: ITAT [Read Order]")
![NCLAT directs Unitech to Repay the Amount to its Deposit Holders with Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/03/Unitech-NCLAT-Taxscan.jpg "NCLAT directs Unitech to Repay the Amount to its Deposit Holders with Interest [Read Order]")
![Interest alone cannot be construed as Operational Debt: NCLAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/02/Operational-Debt-Interest-Taxscan.jpg "Interest alone cannot be construed as Operational Debt: NCLAT [Read Order]")
![No disallowance of Interest Expenses on Account of Non-Deduction of TDS: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/02/Interest-Expenses-TDS-ITAT-Assessee-Taxscan.jpg "No disallowance of Interest Expenses on Account of Non-Deduction of TDS: ITAT [Read Order]")
Interest Received by Builder on Temperary Deposits from Purchasers constitute Business Incomes: ITAT allows Deduction
The ITAT Mumbai held that interest received by the property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business incomes and not income...
