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Perquisites - Interest Free or Concessional Loans - Rule 3(7)(i) - Income Tax - Ready Reckoner - Income TaxExtract Rule 3(7)(i) : INTEREST FREE OR CONCESSIONAL LOANS Taxable value will be Interest for each month of the PY on Maximum outstanding monthly balance standing as on last date of each month at the landing rate on 1.4.2022 as specified by the SBI as decreased by Interest actually recovered from Employee Nothing is taxable if Amount of such loans are not exceeding in the aggregate 20,000 Such loans are given for medical treatment in respect of diseases specified in rule 3A but this exemption shall not apply to so much of the loan as has been reimbursed to the employee under any medical insurance scheme. Calculation of Value of Interest Free Loan : Interest calculated at the rate charged by State Bank of India as on 1st day of previous year on loan for the same purpose. This is to be calculated on maximum outstanding monthly balance Less actual interest paid by employee.
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