SP2010 (Manager) (58 Points)
12 May 2010Friends, As a director of a pvt limited company I would like to take up a certification course provided by a US organisation. The entire course is for about 6 months and would cost around $1000 USD (45,000 INR). Can I take this amount as interest free loan from my company and repay it in 12 installments of 3750. Will this amount (INR 45000) be exempt from income tax?
Rachit
(Analyst)
(913 Points)
Replied 12 May 2010
Though you would be getting interest free loan from the company, interest at applicable rate (SBI rate as on 1st April of that fin.year) will be considered as perk in your hands.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
