Rule 3(7)(i) benchmarking concessional employee loan perquisites to SBI rates is valid and constitutional.
Rule 3(7)(i) benchmarking concessional employee loan perquisites to SBI rates is valid and constitutional. Issue Whether Rule 3(7)(i) of the Income-tax Rules, 1962, which values interest-free or concessional rate loans provided to bank employees as taxable perquisites based on SBI Prime Lending Rate, is constitutional and intra vires Section 17 of the Income-tax Act, 1961.… Read More »