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of <h1>Income-tax Rules Amendment: Changes to Rule 3(7)(i) Adjust Interest Calculation on Employee Concessional Loans Effective April 2004.</h1> The Income-tax (First Amendment) Rules, 2004, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. Effective from April 1, 2004, the amendment modifies Rule 3, Sub-rule (7), clause (i), concerning concessional loans provided to employees or their household members. The amendment changes the method for determining the interest on such loans. Previously based on a fixed rate of 13% per annum, the interest will now be calculated based on the rate charged by the State Bank of India for similar loans as of the first day of the relevant previous year.
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