Accounting treatment
This query is : Resolved
09 January 2014
There is an hr policy in a company in which employees are provided a car and in return the employees have to pay some EMI(which is deducted from salary every month for 4 years).So what should be the entry for the EMI.
Depreciation is claimed by company and not employee.
CMA Ramesh Krishnan
(Expert)
09 January 2014
It can be considered as Loan given to employee to purchase of Car. Interest on Car loan as per SBI rate will be considered as taxable perquisite
while giving car debit as loan to employee and credit monthly emi for the same account
while giving car debit as loan to employee and credit monthly emi for the same account
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