Tax implications for loan against salary, or advance against salary
Loan is different from salary. When employee takes any loan from his employee, which is repayable in certain specified installments, the loan amount cannot be brought to tax as salary of the employee.
Similarly, advance salary is different from advance
Salary. It is an advance taken by the employee from his employer. This advance is generally adjusted with his salary over a specified time period. It cannot be taxed as salary
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