Usance Bills

Tax Glossary Definition

Usance Bills

Usance Bills – Usance bills are trade bills or promissory notes that are payable after a specified period from the date of acceptance or issue. Any interest or discount earned on such bills is taxable as income under the relevant head, depending on the nature of the transaction.

Example: A usance bill due after 90 days earns interest, which is taxable as income

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