non recovery of education loan given to employee
This query is : Resolved
10 September 2009
Hello dear all
one of our client (Pvt Ltd Rs 25lac) given a loan to employee for higher education now company going to written off the loan whether income tax allow this loan as expense. Please clarify AEAP We now finlising the accounts plzzzzzzzz.
one of our client (Pvt Ltd Rs 25lac) given a loan to employee for higher education now company going to written off the loan whether income tax allow this loan as expense. Please clarify AEAP We now finlising the accounts plzzzzzzzz.
chetan soni
(Expert)
10 September 2009
this needs to be add to salary as perquisit & tds needs to dedected as per income tax slabs.
if you deducted the tds then there will be no question of disallowances. in all other case ITO may make addition to income as failure to deduct the tds.
if you deducted the tds then there will be no question of disallowances. in all other case ITO may make addition to income as failure to deduct the tds.
11 September 2009
sir but salary not covered under section 40(a)(ia) for disallowence non making of TDS plz go trough it and clarify my doubt.
Ratan Sharma
(Expert)
11 September 2009
Hi,
In my opinion you can write off it to profit & loss account and it is allowable expenditure under the income tax act. No need to deduct the TDS.
In my opinion you can write off it to profit & loss account and it is allowable expenditure under the income tax act. No need to deduct the TDS.
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