haradatta (proprietor) 19 May 2012
respected sir,
my brother is intending to start a finance firm {proprietory concern} with relevant permissions from the concerned authorities and under valid license. is the income generated by him through interest liable for interest tax {if any} and if so, what is the procedure in getting registered for the payment of interest tax. He is an income tax assessee.
Thanking you
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 25 May 2012
Tax only on income connotesa periodical money return 'coming in with some sort of regularity, or expected regularity from definite sources. The source is not necessarily one which is expected to be continuously productive, but it must be one whose object is the production of a definite return, excluding anything in the nature of a mere windfall. Thus, income has been likened pictorially to the fruit of a tree, or the crop of a field. It is essentially the produce of something whcih is often loosely spoken of 'capital'. But capital, though possibly the source in the case of income from securities, is in most cases hardly more than an element in the process of production.
C. P. CHUGH (Practicing Lawyer) 30 May 2012
Dear Haridatta,
Interest Tax Act has long back been repealed. Presently there is no law which requires payment of interst tax on interest income.
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