Tds on perquisite
This query is : Resolved
30 January 2012
Please advice me in regard to the following query :
A Company has paid advance of Rs.50,000/- against salary to his employee.As per my knowledge, this advance against salary is in nature of interest free loan and a perquisite value of interest on loan as computed with reference to Rule 3A of IT Rules,1962 shall be chargeable under the head"Salaries". I have doubt about whether employer has to deduct TDS on the interest amount or not.
A Company has paid advance of Rs.50,000/- against salary to his employee.As per my knowledge, this advance against salary is in nature of interest free loan and a perquisite value of interest on loan as computed with reference to Rule 3A of IT Rules,1962 shall be chargeable under the head"Salaries". I have doubt about whether employer has to deduct TDS on the interest amount or not.
30 January 2012
TDS is to be deducted from salary by adding the amount of interest on loan in salary.....
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