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Tax query

Kapil Dhiman (Accountant) (304 Points)

12 February 2015

Hi,

1. Is bonus given to Employees on Dewali or any other occession is taxable or not with employee salary or not ?

2. Can Employer can give Loan to his employee's without intrest ? and aganist repayment of loan employee is paying monthly monthly installments.Then its treatment needs to be done ?

plz reply

Thanks in advance

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3 Replies

Puneet Mittal (Sr. Officer Accounts) (196 Points)
Replied 12 February 2015

Bonus is fully taxable in the hand of empolyee.

Employer can give Loan to his employee's without intrest. But if loan amount exceeds Rs. 20 K than prequisite of interest will be taxable in the hand of empolyee.

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Kapil Dhiman (Accountant) (304 Points)
Replied 12 February 2015

Thanks Puneet

Can you Explain in breif loan amt 165000/-,monthly deduction 12000/- then how perquisites intrest is need to calculated ?

Thanks

Puneet Mittal (Sr. Officer Accounts) (196 Points)
Replied 12 February 2015

calculate the interest on monthly outstanding balance as per interest rate prescribed by SBI bank for the loan of same purpose. interest of the financial year will be perquisite in the hand of employee.