https://www.taxtmi.com/circulars?id=4808 The Government fixed simple interest at 10% per annum for employee loans under the newly inserted sub-clause and, via rule 3A of the Income-tax Rules, 1962, mandated that interest be calculated at the prescribed rate on loan amounts outstanding as on the last date of each month of the previous year, after deducting in-month repayments of principal or interest from the opening or advanced amounts, with the result used for perquisite valuation and tax deduction at source from salaries. en-us Fri, 08 Feb 1985 00:00:00 +0530 Sat, 02 Aug 2008 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4808 The Government fixed simple interest at 10% per annum for employee loans under the newly inserted sub-clause and, via rule 3A of the Income-tax Rules, 1962, mandated that interest be calculated at the prescribed rate on loan amounts outstanding as on the last date of each month of the previous year, after deducting in-month repayments of principal or interest from the opening or advanced amounts, with the result used for perquisite valuation and tax deduction at source from salaries. Circulars Income Tax Fri, 08 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4808