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.
CAclubindia
