FBT on interest free loan?
This query is : Resolved
22 April 2009
a company has given interest free loan to its staff. company has paid interest on secured and unsecured loan. whether interest free loan (@ int. paid on loan) will attrect FBT?
22 April 2009
No, but this will taxable in the hands of employees whos take loan.
22 April 2009
The Finance Act, 2005 has introduced a new Chapter in the IT Act, called the "Fringe Benefit Tax" (FBT). This tax is imposed on value of perquisites provided by employers to their employees. But with regard to FBT on interest free/concessional loans to employees, the FBT makes it clear that employer will not have any tax liability. For loans above Rs 20,000, the employees will be taxed under Income Tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
