Our company want to give interest free loan to one of our staff, say the amount 25 Lak. and the repayment terms may be with in 3 year through monthly instalments.
What is the tax implication for company and to the staff.
19 August 2008
the intt amount will be taxable as salary. rate of intt will be as declared by sbi in this regard will be applicable. the co will have to take this into consideration in tds.
CAclubindia
