Perquisite Should Be Calculated On The Closing Balance Only For Interest Free Loans Provided By Company (Doc ID 1091162.1)

Last updated on JANUARY 10, 2017

Applies to:

Oracle HRMS (India) - Version 12.1.1 and later
Information in this document applies to any platform.

Goal

Perquiste processing does not seem correct

 

Steps to Reproduce:


1. Have configured a Perquisite element for loans
2.. Example:

Loan Amount = 37000
EMI = 7400
Interest rate charged by employer = 0.0
Reference interest rate = 15.5

Taxable Perquisite (for first month) should be = ((37000)*0.155) / 12 = 477.92

What is happening in Oracle (for first month) = ((37000 - 7400)*0.155) / 12 = 382.33


Solution

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