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Objective:
4. An employee can apply for a salary advance only if he/she has completed
one year of continuous employment with the Company and the eligibilities
will be as follows:
Process flow:
1. Employee to send a mail request to line manager/ reporting head.
2. Reporting head notifies the SBU/functional head for recommendation.
3. On recommendation, reporting manager to forward the request to HRBP
for approval.
4. Employee to submit the relevant supporting docs to HRBP
5. HRBP to validate the request and take Head HR approval and share the
approval with HR Operations team.
6. HR Operations team updates necessary records and forward to Finance
team for processing the bank transfer.
Income-tax Provisions:
1. If a loan is given by an employer to the employee (or any member of his
household), it is a perquisite chargeable to tax. It is taxable on the following
basis
a. The interest on maximum outstanding monthly balance.
b. The interest will be based on SBI Lending Rates as specified.
c. The perquisite will be value of Interest as per SBI Guidelines minus
actual interest, if any, recovered from the employee.