Case Law Details
Case Name : Neha Saraf vs. ACIT (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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Ms. Neha. Saraf Vs ACIT (ITAT Mumbai)
In a recent decision made by ITAT, Mumbai in case of Neha Saraf vs. ACIT it has been decided that where an employee receives Interest Free loan from the employer it shall be taxable in the hands of the employee as salary as per the provisions of the section.
Brief facts of the case:
In the Instant case, the Assessee has filed her return of income for Assessment Year 2011-12 on 26.09.11 declaring total income of Rs.34,90,510/- consisting of
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If loan of Rs.100000/- is taken by employee perks will be Rs.15000/- or Rs.115000/- for calculating Income Tax?
Whether Rs 20,000 amount should be considered aggregate once in a whole year or it should be counted individually. Means Loan given of Rs 19,000 & repaid & then again loan given of Rs 18,000 in a year.
Good article…
Thank you so much for the information.