Loans at a concessional rate
As per the taxation law, if the company provides any concessional loan to their employee then the differential amount of the interest rate is treated as the prequisite.
As per the law, " Where the amount of original loan (or loans) does not exceed in the aggregate Rs.20000 is not chargeable to tax."
Is there any setting in the Indian Payroll for this? Plz let me know, as the system is not considering this Rs.20000 limit.
If no standard setting is there, then please let me know the alternative solution to this.