Concessional loan valuation ties taxable perquisite interest to State Bank of India annual lending rate as of relevant year start. The amendment to Rule 3(7)(i) of the Income-tax Rules, 1962 prescribes that the deemed interest on a concessional loan to an employee or household member shall be determined as the interest computed at the rate charged per annum by the State Bank of India for loans for the same purpose as on the first day of the relevant previous year, replacing the prior wording referencing a fixed concessional/other loan rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Concessional loan valuation ties taxable perquisite interest to State Bank of India annual lending rate as of relevant year start.
The amendment to Rule 3(7)(i) of the Income-tax Rules, 1962 prescribes that the deemed interest on a concessional loan to an employee or household member shall be determined as the interest computed at the rate charged per annum by the State Bank of India for loans for the same purpose as on the first day of the relevant previous year, replacing the prior wording referencing a fixed concessional/other loan rate.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
