perquisite in respect of loan at concessional rate (SALAY)

This query is : Resolved

CA Abhishek Singh (Querist)
Follow

24 April 2009 DEAR ALL

INTEREST ON COCESSIONAL RATE SHOULD BE COMPUTED ON O/S BALANCE AT MONTHS END.BUT OS BALANCE WILL LOAN AMOUNT-PRINCIPAL-INTEREST OR ONLY PRINCIPAL.

EXAMPLE. LOAN 600000 , PRINCIPAL 9000 INT 3000

MAX O.S. BALANCE = 600000-12000=588000

SHIVAM GROVER

SHIVAM GROVER (Expert)
Follow

25 April 2009 IF U PAY INTEREST THEN INT DEDUCTED BUT IF INYOUR INSTALLMENT PRINCIPAL AND INT BOTH INCLUDED THEN BOTH DEDUCTED AND REMAINING LEFT WITH U TO PAY

Rajni Kant

Rajni Kant (Expert)
Follow

27 April 2009 The difference of Interest from SBI Lending rate should be calculated on monthly reducing balance i.e. Principal less Interest and will be added in the value of perquisites.

taxindiaconnect

taxindiaconnect (Expert)
Follow

02 May 2009 The perquisit is to be calacualted by taking the SBI PLR as benchmark interest rate. The differnence between SBI PLR and concessional interest chaged by the employer is to be taken to calculate the perqusite value taxable in the hands of the employee. The interest has to calculated on the monthly outstanding loan.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rakesh Bansal

Rahul Kulkarni

Dhairya Sanghvi

Ravi

nandeesh mashyal

Subscribe Now

perquisite in respect of loan at concessional rate (SALAY)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA