Intt . free -festival advance
This query is : Resolved
01 March 2015
AS A CG EMPLOYEES , I HAVE RECEIVED INTT FREE 5000 RS AS FESTIVAL ADVANCE IN SEP. 2014 .
I WANT TO KNOW WHAT IS TAX PROVISIONS FOR THIS INTT FREE ADVANCES?
I WANT TO KNOW WHAT IS TAX PROVISIONS FOR THIS INTT FREE ADVANCES?
01 March 2015
No tax treatment for Loan amount not exceeding Rs 20000/-. If loan amount amount is more than Rs 20000/- then valuation of perquisites needs to be done. See details from link given below:
http://taxguru.in/income-tax/taxation-medical-facilities-interest-free-concessional-rate-interest-loan.html
http://taxguru.in/income-tax/taxation-medical-facilities-interest-free-concessional-rate-interest-loan.html
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