Loans with perquisite
Accessible to : Payroll Manager
If company gives loans to employees on which they charge interest which is lesser than the prevalent interest being charged by the Public Section Banks, then these loans will attract a perquisite tax. This feature is managed by creating and using "Loans with Perquisite".
To create a new loan - Click on "Create New Loan" and provide details as shown below.
The loan created from this page does not go through approval or disbursal process
and is created at "Disbursed" status.
- Disbursement month is the month in which loan has been disbursed
- Starting month is the month from which the recovery has been started – if this
is given as Aug 2022 then recovery will start from August 2022 payroll month
- All the details can be edited or loan can be deleted before deduction has started
- The perquisite tax which is calculated due to this loan is automatically added
to the employee’s tax liability
- Once the loan details are saved an excel file which shows details of calculations
can be downloaded. A sample format of excel is attached with the article
- If you disburse loan towards the end of the month suppose on 28-Jan-2016 and
updating Disbursement month as Jan-16 then interest will calculated for whole
month from 1-Jan
- Any unpaid loan comes as outstanding amount during the Full and Final process
Changing Loan Instalment
To change the instalment of an active loan, click on "Change Instalment" button as shown below.
In the popup you can enter the new instalment, this instalment will be now deducted in subsequent payroll.
Loan Requests
As
a Payroll Manager you can review status of in-process loan requests and if needed
withdraw them if they are in Submitted or Approved status.
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