FBT on interest free loan?
This query is : Resolved
22 April 2009
a company has given interest free loan to its staff. company has paid interest on secured and unsecured loan. whether interest free loan (@ int. paid on loan) will attrect FBT?
22 April 2009
No, but this will taxable in the hands of employees whos take loan.
22 April 2009
The Finance Act, 2005 has introduced a new Chapter in the IT Act, called the "Fringe Benefit Tax" (FBT). This tax is imposed on value of perquisites provided by employers to their employees. But with regard to FBT on interest free/concessional loans to employees, the FBT makes it clear that employer will not have any tax liability. For loans above Rs 20,000, the employees will be taxed under Income Tax Act.
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