Hi Friends,
We have a requirement as below on Loans:
Interest on Loans shouldn't be deducted from employee total earnings, please consider below example for simple understanding.
Let us say:
Monthly Repayment on Loan = 1000
Interest = 100
Actual Loan payment = 900
In payslip they wanted to show 900 as deduction & 100 as employee benefit/ perquisite (Taxable income).
So they don't want to deduct interest from employee, is it possible as per statutory and SAP ?
Please suggest how to achieve it.
Regards,
Lakshmi.