Interest – Meaning – S. 2(28A) Income Tax

Definition of ‘Interest’ under Income Tax

As per S. 2(28A) of Income Tax Act, 1961, unless the context otherwise requires, the term “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised.

One Response

  1. sanjay

Leave a Reply

Get ‘CA Club Updates’ Newsletter via Daily Email

Subscribe for our Newsletter ‘CA Club Updates’ delivered thru Google Feedburner Emails and join our community of 6000 plus subscribers. To join, please click on the ‘SUBSCRIBE’ link below:

SUBSCRIBE

Upon clicking the link, a pop-up window will open. Please fill up your email id and verification code therein. After that check your email and click the confirmation link sent by Feedburner Email subscription.

This one time process is to ensure that you don’t get emails without your own confirmation, i.e. someone else can’t register your email here. Besides, each Newsletter will include an ‘Unsubscribe’ link to maintain your freedom to discontinue getting emails anytime.