Interest free employee loans taxed as perquisites using SBI lending rates, with petty loan, medical loan, and deemed dividend rules. Interest free or concessional loans given by an employer to an employee are treated as a taxable perquisite, with value computed by applying the SBI lending rate to the maximum outstanding monthly balance and reducing the interest actually paid by the employee. The document distinguishes the later and earlier rules, including the applicable SBI reference date, and notes exemptions for petty loans and specified medical loans subject to aggregate limits. It also states that a private company loan to an employee holding at least 10% voting power is treated as deemed dividend under the relevant dividend provision.