Bank employees take note! Supreme Court says interest-free loans given to bank staff taxable as fringe benefits – Times of India
The Supreme Court has dealt a major blow to bank employees by ruling that interest-free or concessional loans provided by banks to their staff will be considered as “fringe benefits” or “amenities,” and are therefore subject to taxation.According to an ET report by Indu Bhan, the apex court upheld the income tax rule, and said…