Income Tax, Update

Interest free loan from Employer Taxable: Mumbai ITAT

The Mumbai ITAT in the case of Neha Saraf vs. ACIT Range 13(3) Mumbai has held that interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite. However, the valuation of the taxable benefit or perquisite has to be computed as per the prescribed formula under the Income Tax Act.

Also Read: Own more than one house? ITAT ruling may give you some relief.

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