17 October 2012
This is regarde as prequisites and valuation will be as under:-
•Find Out the Maximum outstanding monthly balance For each loan on the last day of each month.
•Find Out the rate of interest Charged by the SBI on that type of loan on the first day of relevant previous year
•Calculate interest on amounts given in (1)for the full financial year above @ rate of SBI as per (2) above and deducte interest recovered from the employee.
•The balance will be taxable as perquisites in hand of employee.
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