Money saved through zero or low-interest loans taxable: SC

Supreme Court has ruled that money saved by availing interest-free or low-interest loans from their employer would be liable to be taxed as it upheld the validity of Section 17(2)(viii) of the Income Tax Act and 3(7)(i) of I-T Rules. Writing the judgment, Justice Khanna said the value of interest-free or concessional loans is to be treated as 'other fringe benefit or amenity' for being taxed as perquisite.