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Discussion > Income Tax > Tax queries >

SBI Interest Rates for valuation of perquisites

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Officer


[ Scorecard : 124]
Posted On 19 February 2010 at 11:06 Report Abuse

Hello Friends,

Can anybody pls provide me the SBI Interest Rate from 01/04/2009 for valuation of perquisites in salary head?

 

Tks


Online classes for CA CS CMA



Amir
Learner


[ Scorecard : 3956]
Posted On 19 February 2010 at 12:07

Dear Jitendra,

 

Clik on the following link,


http://fastworking.blogspot.com/2009_12_01_archive.html





Ameet
L


[ Scorecard : 1668]
Posted On 19 February 2010 at 12:53

 How To Value This Perquisite
The valuation will be done the basis of interest charged by State Bank of India on first day of relevant previous year .So for the Financial year  2009-10 the rate of SBI as on 01/04/2009 will be applicable .So if Loan to employee or his household is provided at a rate less than SBI rate on first day of the previous year then the difference of interest will be charged as perquisite in hands of employee.So if the Interest rate on which loan is provided is more than Rate charged by SBi on relevant date ,then valuation of the perquisite will be nil.Process to calculate the perks value is Given below.
 

  1. Find Out the Maximum outstanding monthly balance For each loan on the last day of each month.
  2. Find Out the rate of interest Charged by the SBI on that type of loan on the first day of relevant previous year (for FY 2009-10 check rate as applicable on Loan from SBI on 01.04.2009)
  3. Calculate interest on amounts given in (1)for the full financial year  above @ rate of SBI as per (2) above and deducte interest recovered from the employee.
  4. The balance will be taxable as perquisites in hand of employee.
Rates Of the SBIN is Given in the Table Given below


 

 

Rates charged by SBI as on 01.04.2009
Type of Loan
 

 
Amount
 
House Loan
period
up to 30 Lakh
 
30-75 lakhs
 
above 75 lakhs
 


 
up to 5 years
9.75
10.25
10.25


 
5-to10 years
10.00
10.50
10.50


 
>10- upto 15 years
10.00
10.50
10.50


 
>15- up to 20 years
10.25
10.75
11.00


 
>20-upto 25 years
11.00
11.00
11.00
Car Loan


 
up to 7.5 lakh
 
>=7.5 lakh
 


 


 
up to 3 years
11.75
11.50


 


 
>3-up to 5 years
11.75
11.75


 


 
>5 upto 7 years
12.00
12.00


 
Two wheeler


 
any amount
 


 


 


 
16.25


 


 
Education loan


 
upto 4 lakh
 
4 lakh to 7.5
 
above 7.5 lakh
 


 
Girl student
11.25
12.75
12.00


 
Boy student
11.75
13.25
12.50
Personal Loan


 
any amount
 


 


 


 
16.50


 


 
Loan Esop


 
14.50


 


 


Now calculate yours Interest Free loan perks from calculator given below

Relevant provision as per rule 3A as amended on 18/12/2009
(i) The value of the benefit to the assessee resulting from the provision of interest-free or concessional loan for any purpose made available to the employee or any member of his household during the relevant previous year by the employer or any person on his behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by theState Bank of India, constituted under the State Bank of India Act, 1955 (23 of 1955), as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if any, actually paid by him or any such member of his household:
Provided that no value would be charged if such loans are made available for medical treatment in respect of diseases specified in rule 3A of these Rules or where the amount of loans are petty not exceeding in the aggregate twenty thousand rupees:
Provided further that where the benefit relates to the loans made available for medical treatment referred to above, the exemption so provided shall not apply to so much of the loan as has been reimbursed to the employee under any medical insurance scheme.

 

 

 

 




S. Prabhat Patra
Service


[ Scorecard : 161]
Posted On 24 June 2010 at 14:07

 

Hello Friends,


Can anybody please provide me the SBI Interest Rate as on 01/04/2010 for valuation of perquisites in salary head?




Amir
Learner


[ Scorecard : 3956]
Posted On 24 June 2010 at 14:21




CA.KUNJAR SHAH
CA in Practice


[ Scorecard : 51]
Posted On 11 July 2011 at 13:10

CAN ANYONE GIVE ME SBI RATE AS ON 01.04.2011????????? ITS URGENT



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