Interest Free or Concessional Loans to Bank Employees Are Taxable under Income Tax Rules as Perquisite: Supreme Court [Read Judgement]
It was observed that the employer's grant of interest-free loans or loans at a concessional rate will certainly qualify as a 'fringe benefit' and 'perquisite" and held that grant of an interest-free loan or loans at concessional rate would qualify as perquisites or fringe benefits.
The Supreme Court held that Interest Free or Concessional Loans to Bank Employees Are Taxable under Income Tax Rules as Perquisite under Section 17 of the Income Tax Act, 1961.s All India Bank Officer’s Confederation, the appellants had challenged the vires of Section 17(2)(viii) of the Income Tax Act, 1961 (Act) and Rule 3(7)(i) of…
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