One employee has bought a car in his name and he has taken the car on loan. The installment of loan is deposited by employer in the employee's bank account. What is the treatment to be given in the books of accounts of employee as well as what shall be the tax implications for both employee and employer?
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Salary - perquisites + deductibility
Replies (2)
Taxed in the hands of employee as forming part of the salary no treatment of loan
Its monetary perquisite and hence tds also to be deducted by employer
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