Section 3(7)(i) in Income Tax Rules, 1962

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Union of India - Subsection

Section 3(7)(i) in Income Tax Rules, 1962

(i)The value of the benefit to the assessee resulting from the provision of interest-free or concessional loan for any purpose made available to the employee or any member of his household during the relevant previous year by the employer or any person on his behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by the State Bank of India, constituted under the State Bank of India Act, 1955 (23 of 1955), as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if any, actually paid by him or any such member of his household:

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Union of India - Subsection

Section 3(7)(i) in Income Tax Rules, 1962