Dear Expert,
We have configure the company loan type, system calculate the interest
correctly but as per income tax act loan upto Rs. 20000/- is not liable
for perks calculation.
E.g. X takes a loan of Rs. 15000/- from his employer on 01.04.2013. As
the amount of loan does not exceed Rs. 20000/- nothing is chargeable to
tax. Suppose in this case another loan of Rs. 5500/- is taken from the
employer on 01.07.2013. Now the aggregate amount of loan exceeds Rs.
20000/-, consequently, interest on Rs. 20500/- will be chargeable
w.e.f.01.07.2013.
Please guide whether we can configure the system like this.
Thanks & Regards
Sandeep
+91 99190 64994
0512 3045123