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

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..... r arising to hire purchase finance companies. 2. The matter has been examined in consultation with the Ministry of Law. The Finance (No. 2) Act, 1991, extended the scope of interest-tax so as to cover "credit institutions" which include financial companies and in particular hire purchase finance companies carrying on their principal business as hire purchase transactions or the financing of such .....

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