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of <h1>Interest-Free Employee Loans Taxable Under Rule 3(7)(i) If Exceeding 20,000; SBI Rate Applies April 1, 2022</h1> Rule 3(7)(i) of the Income Tax guidelines addresses the taxable value of interest-free or concessional loans provided to employees. The taxable amount is determined by calculating the interest on the maximum outstanding monthly balance at the State Bank of India's lending rate as of April 1, 2022, minus any interest actually paid by the employee. Loans are not taxable if their total does not exceed 20,000 or if they are for specified medical treatments, except for amounts reimbursed through medical insurance. The interest is calculated based on the SBI rate at the start of the previous year.
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