An assessee taken an advance salary from employer for the month. The department of income tax will imposed TDS on such advanced salary. For the purpose of evasion of tax, the assessee is treated its loan from employer. Can the asessee evase the tax if he treated its as a loan?
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hv any tax on loan?
Replies (1)
If loan amount given by employer to employee as loan than it will be perquisite chargeable to tax.
If a loan is made available for medical treat is respect of diseases specicied in rule 3A is exempt from tax.
loan amount is not excess of rs. 20000.00 exempt from tax.
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