The company is providing interest-free car EMI. Basically, the company wants to purchase a car outright & provide it to employees with 60 months EMI without interest. After completion of 5 years accounting books value is zero hence at the cost of 1,000 it will be transferred to the employee. But what will happen to Taxation books? Will Income tax be applied to a company based on taxation books. Like Perquisite tax on the taxation, books value at the time of transfer.
From India, Mumbai
From India, Mumbai
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Professionl Tax challan (Employee).xls