IF COMPANY PROVIDE CASH LOAN TO EMPLOYEE MORE THAN 20000/- THEN ANY INTEREST ON THAT LOAN APPLICABLE AS PER INCOME TAX ACT. OR ANY LIMIT TO PROVIDE CASH LOAN TO EMPLOYEE....
08 November 2011
An assessee can not accept cash loan for Rs 20000 or more in cash. (Section 269SS) .
In case the assessee has taken loan of more than Rs 20000/- from the company then interest or concession in interest (from SBI Rates are considered for calculation purpose) is treated as taxable perquisite in the hand of the employee.
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