TIWARYSANJIV
Is employee advance is taxable if yes pls provide current tax rate
From India, Delhi
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Saswatabanerjee
Partner - Risk Management
Bkroy
Service
Vishal@jain
Hr-india

TIWARYSANJIV
I want to know current rate for (perk) deduction tax (advance salary provided by employer to employee interest free).
From India, Delhi
saswatabanerjee
2357

You need to provide more details
Taxation is a complex thing and it can't just be commented on in abstract.
Incidentally for your information, tax rate also differs depending on the person, his income level, etc.
Or perhaps you mean the rate of TDS ?

From India, Mumbai
bkroy
1

An advance is basically an interest free loan. Such loan of up to Rs 20000/- are exempt from tax. Any amount above it is taxable..

saswatabanerjee
2357

Under which rule is an advance of above ₹20,000 taxable ? And under which rule is it exempt below ₹20,000
From India, Mumbai
vishal@jain
Sir, Please suggest Weather section 185 & 186 of CA act. 2013 Is applicable on granting loan/Advance to employees by companies Regds vishal
From India, Agra
saswatabanerjee
2357

Vishal Jain, Please let me know what the CA act refers to .... unable to figure that out
From India, Mumbai
saswatabanerjee
2357

I just checked with our accounts guys, if the advance is repaid by the employee, it is not taxable, but if it is deducted from the salary, it's taxable at the time when the advance was given. There are provisions in income tax that allows employees benefit of taking the lower of differential tax rates (if any) in case of advance or arrears. So you need to talk to your auditor if the tax rates or the slabs change between advance and actual salary period
From India, Mumbai

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