05 January 2010
If a company has given interest free laon to employee and company deducts Rs.2500/- say Installment.Suppose his last installment ends in Sep-09 and company deducts last installment on 30/09/2009 than perk will be calculated up to Aug-09 or Sep-09.Confusion is that IT Act says on maximum balace on the last day of the month.Here as on 30/09/2009 his loan gets Zero balance. Pls reply this is urgent
06 January 2010
As u must be already aware or if not then september 30, 2009 being a half yearly closing it is a no transaction day and hence the balance as on 29th of september will be considered for the purpose of Income tax .
CAclubindia
