PNB announces to absorb 100% Tax on Perquisites
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Punjab National Bank (PNB) MD&CEO has announced absorption of 100% Tax on Perquisites. Earlier, PNB was paying only 50% Tax on Perquisites and employees had to pay 50% Tax.
Perquisites are benefits offered to Bank Employees such as interest free loan or loan at low interest rate. Bank Employees get car loan and other loans at low interest rate in comparison to other public. The Court has ordered Banks to implement tax on these perquisites.
TDS on Salary & Perquisites
📢 As per the circular issued by the Finance Department on 21.09.2024, Tax Deduction at Source (TDS) has been implemented on Salary and various Perquisites for FY 2024-25.
🏦 Accordingly, TDS is being deducted by the Bank on these loans and other perquisites from 01.04.2024, with the first deduction starting from the salary of January 2025.
💡 Taking into account the financial difficulties of the employees, the Bank has decided to bear 100% of the TDS liability applicable on interest-free loans/loans given at concessional rates for FY 2024-25.
