Dear Team,
My client pay the interest free loans (Car or personal loan) i.e. zero interest, due to this perk are generated. The perk interest rate is decided by the government or generally interest rate equivalents to decide by bank rate. Client run the payroll from March 2013 to Feb 2014.During this period perk are generated. During checking find that interest rate of percentage was mentioned wrong.
If we change the rate of interest for the financial year 2013-2014, what are the impacts?
Kindly suggest!
Thank you in advance.
Regards,
Rakesh