URGENT - Interest Free Loan
This query is : Open
05 April 2011
Whether
a) interest free loan
b) loan at existing bank rate
c) loan at cost of funding to company which is higher than existing bank rate
be given to employees or for the benefit of employees to a trust?.
Plz make reference to attracting sections of different Acts for the consequences for Company?
a) interest free loan
b) loan at existing bank rate
c) loan at cost of funding to company which is higher than existing bank rate
be given to employees or for the benefit of employees to a trust?.
Plz make reference to attracting sections of different Acts for the consequences for Company?
05 April 2011
In interest free loan, the full amount shall be regarded as perquisite in the hand of the employee
2.If the loan given at SBI rate, there is no perquisite is warranted. But if the interest rate vary from this rate , then the difffernce shall be regarded as perk
3. If it is higher than the SBI rate nothing shall be treated as perk.
2.If the loan given at SBI rate, there is no perquisite is warranted. But if the interest rate vary from this rate , then the difffernce shall be regarded as perk
3. If it is higher than the SBI rate nothing shall be treated as perk.
05 April 2011
Plz make references to the diff sections.
05 April 2011
What are the consequences in the hands of Company?
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