Late payment of salary

For a Pvt Ltd company, are we allowed to delay salary payment of an employee with say 16000 per month salary for say 4-5 months ? So, Is it okay if we pay salary for 5 months together after 5 months even if there was enough cash/bank balance in company account ?  Employee is 100 % fine with delayed salary payment. 

Also, What if we are paying him some advance salary ? So, for starting six months we are paying him 18000 per month and for last 6 months of the financial year we pay him 14000 per month though his actual salary per month is 16000 per month only but we gave employee say 2000 per month interest free loan in starting 6 months ? Will that be fine with Income tax department ?

Let me know.

Thanks,

Divya