Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT+DEP) is Rs. 24, 21 & 18 lakh respectively. Net income (gross income net of deductions including EMI of proposed

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.