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Loan from company

Others 961 views 4 replies

 

Sir,
I have taken Rs 3,00,000  interest free loan  from my Company in the month of May - 2011 and  by till date i haven't  any paid installements during this year.
I have doubt, wheather the loan amount will be included in my Income  for Tax purpose.
 
Regards,
 
Ekta Shah...
Replies (4)

 

 
Dear Ekta Shah,
 
Loan of Rs 300000 is in the nature of advance against salary & not advance of salary.
later is taxable as a salary in the year in which you receives the same however the advance against salary is NOT TAXABLE as salary.
So, in your case the loan amount will not be considered as an income.(based on the info given by you)
Regards
RAJESH CHOUDHARY

If Any interset free loan taken by the employee from his co. then the value of perquisite as per Rule 3(7)(i) of the I-T Rules shall be determined as teh sum equal to teh interest computed at teh rate charged per annum by the SBI  on the 1st day of the relevant PY in respect of teh loans advanced by it for teh same purpose.

In your Form 12BA for F.Y 20011-12 didn't your employer include the perquisite for the interest free loan?

thanks for the reply girdhar and raj

Hey it can  be added as the income of the company?

Company forgoes Interest. Now AO is of the view that adding income is in the best nature of equality. and Revenue also.

Because the income need to be added some where.

Any Counters.


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