Yes, friends, how are you?
Friends, we were discussing about salary heads and we had
reached to perquisites.
What were the perquisites?
The benefits that an employer gives to his employee.
Can an employer give perquisites to his employee?
You fool, at least tell me now.
He can sir, we just have to see what is taxable and what is
exempt in that case.
There is a very common benefit that employees usually take
from their employers.
If you tell me, I will agree with you.
What is such a benefit?
I think in India, 60-70% employees take it from their
employers.
Think about it.
Sir, that benefit is of loan.
That benefit is of what?
Of loan.
Sometimes an employee needs something and he takes that
loan from whom?
The easiest source is from his employer.
He takes that loan from his employer.
Tell me, does your employer take any interest from you on
the loan?
Generally, they don't.
For example, if there is an employee and his salary is Rs.
25,000 per month.
If he needs Rs.
1,00,000 in his house, he will go to his employer and say,
Sir, I need some money.
The employer will say, what happened? Why do you need money?
He will say, the thing is that I lost some money in the
market.
The other day, there was an IPL and I bet on a team and I
lost Rs. 1,00,000.
The employer will say, very good.
Because I have also lost Rs. 10,00,000.
Now, who are these two?
Thieves.
He will be able to understand his pain.
And because he is able to understand his pain, he gives him
Rs. 1,00,000 as a loan.
The employee says, give me a loan of Rs. 5,000.
You can deduct it from my salary every month.
Within 20 months, this loan will be completed.
Is the point clear?
Generally, in cases, the employer does not charge any rate
of interest.
In some cases, he is smart.
He will say, okay, you lost money in the market and you are
taking a loan from me.
Do one thing.
I will charge you an interest of Rs. 10 per annum.
There is a loan of Rs. 1,00,000.
You will pay Rs. 10,000 as interest.
There can be two cases.
One, the employer will charge the interest.
The other, he will not charge the interest.
Then, where will the benefit come from?
We are looking at the benefit for the taxable salary.
So, in which case will the benefit come?
Where the employer does not charge the interest.
So, the amount of interest that he left, the interest that
the employer did not earn from his employees, in a way, he
gave him an interest-free loan.
Money without interest.
Think about it.
This or that.
Sir, if you get money without interest, what is the benefit
in a life better than that?
Think about it.
If you get money for free from somewhere, you just have to
pay interest, not pay interest.
Can you get a bigger benefit in life than this?
In that case, the government said that you are getting the
benefit.
Because you are on a low rate of interest or you are not
taking a loan for free.
So, in that case, what will you do?
We will make it taxable in your hands.
Taxable in the hands of the employees.
What will happen?
Whatever is the amount of the loan?
Amount.
How will you multiply that amount?
The government said, look at the rate of SBI this year.
What is the rate of SBI?
And how much interest are you taking?
Simple.
This is it.
Assume that the person took a loan of Rs. 1 lakh.
Because he lost money in the market.
The rate of SBI that year was 6%.
Did the employer take any interest?
No.
Zero.
Rs. 1 lakh multiplied by 6%.
How much is it?
Rs. 6,000.
This is a kind of benefit of Rs. 6,000.
Employee.
If you had gone to the bank to take a loan, you would have
paid an interest of Rs. 6,000.
Now, somewhere, you are in a job.
You have taken money from your employer.
So, you have saved that 6% money somewhere.
It is your income in a way.
That you saved money.
Not losing money is also a part of money.
It has to come.
So, we will make that Rs. 6,000 taxable in your case.
Is the point clear?
Loan amount.
Multiply it.
What is the rate of SBI?
And what rate are you taking?
Minus that.
Whatever will come, will be taxable in the hands of your
employee.
Is the point clear?
Sir, but sometimes it also happens that the small labourers
genuinely need money.
They have to get someone treated.
They have to pay the child's fees.
Because of this, they have taken Rs. 10,000-15,000 in
advance.
Assume that someone has a salary of Rs. 10,000 per month.
He has to pay a lump sum fee of Rs. 15,000-16,000.
Now, how will he pay?
He has a salary of Rs. 10,000.
He needs money for food as well.
He has taken Rs. 15,000 from his employer.
He said, I will pay you the monthly installment of Rs.
1,000.
It is a small loan.
What to do in that case?
You are very heartless.
Even if you take Rs. 15,000, multiply it by the rate of SBI.
Multiply it by 6%.
Minus the interest rate.
That person was a good person.
So, he did not take it.
Multiply it by Rs. 15,000.
Will you get it multiplied by 6%?
Will you get me taxed for Rs.
In that case, the government said, we also understand that
small and big problems can happen to any person.
We are not denying this.
We understand.
We used to sell tea once.
We have seen everything.
We have seen all the colours of life.
So, do one thing.
If there is a loan up to Rs.
20,000, do not see any benefit in it.
Do not do anything up to Rs. 20,000.
If you take a loan up to Rs.
20,000, then you do not need to calculate all this.
Nothing will be taxable in the hands of the employee, if
there is a loan up to Rs.
And because you have come to us with so many requests, you
are requesting us so much, you are requesting us so much,
we also understand that you have genuinely come to us.
So, we have also said that for example, if you want to get
a disease treated, if you want to get a specific disease
treated, if you want to get a disease treated, and for that
you have taken a loan from your employer, even if it is a
loan of Rs.
50 lakhs.
Even if it is a loan of Rs.
50 lakhs, it will be exempt, it will not be taxable.
There is a person who has fallen ill, he is suffering a
lot, he is not getting a loan from anywhere, what can he do?
Where did he get his treatment from?
The doctor has said that the treatment will cost him Rs. 50
lakhs.
Who will he go and cry in front of?
He has gone to the employer.
Sir, I am ill, I need money, as soon as I get well, I will
get a job again.
From my monthly salary, you keep deducting that money.
The employer said, okay, no problem, here is a cheque of Rs.
50 lakhs, take it.
You get your treatment done, our entire support system is
with you.
When you get well, you will come back.
I will deduct it from your salary.
Now, he is getting treatment for his illness, in that, the
rate of SBI, interest rate, tell me one thing, the person
who took money for his illness, is he taking it for a
medical emergency?
He didn't take a loan to have fun, he didn't take it to
lose money.
In that case, the government said, you can take any loan,
if it is for the treatment of specified diseases, then in
that case, nothing taxable in your hands, won't be there.
This is the point, friends.
For example, Jethalal, gives a loan of Rs.
50,000 to Baga, which is more than Rs.
In Baga's hands, it will be taxable.
But suppose, Jethalal is also a businessman, the rate of
SBI is 6%, and he is taking it from Baga, which is 8%.
So, in Baga's hands, nothing taxable.
Here 6, here 8, you have already killed the poor fellow.
He used to go to the bank, would have taken it at 6%.
You are making him earn 8% more.
So, in that case, nothing taxable in Baga's hands, won't be
there.
Nattu Kaka comes, a loan of Rs.
50,000, he gives it to him at a rate of 1%.
So, Rs.
50,000, and 6 minus 1, is 5%.
5% of Rs.
50,000, that will be taxable in Nattu Kaka's hands.
This is the point, friends.
This was the loan point.
Thank you.