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 50% of the TDS liability applicable on interest-free loans/loans given at concessional rates for FY 2024-25.
Punjab National Bank (PNB) MD&CEO has announced that the bank will bear 50% Tax on Perquisites. Recently, Banks have announced Tax on Perquisites offered to its Employees. PNB MD&CEO said that the permission has been taken from Bank Board for bearing Tax on Perquisites.
Punjab National Bank (PNB) to bear 50% Tax on Perquisites. pic.twitter.com/4HQW1YweuM
— Hellobanker (@Hellobanker_in) February 20, 2025
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.
Due to this, Bank Employees are protesting as this was a big advantage for bank employees. Moreover Bank Employees are getting negative salary this month as Banks have deducted Tax from salary slip of employees. More details about this news will be updated soon. Click here to join our WhatsApp Group to stay updated.