How can I do the following deductions in loan amount?
Loan deduction during disbursement:
Processing Fees
S.T. Applicable (on P.F.)
Insurance Fee (As per Rate)
Broken period Interest & other deductions
@Hari haran, you can apply service tax to loan charges too. (Products>Tax configurations) First you define Tax components with starting dates and then and then add those tax component to tax group.
While creating charge(loan charge) and the tax group.
https://mifosforge.jira.com/wiki/display/docs/Manage+Tax+configuration
I have done the configuration as mentioned by you. But it's not working as expected.
- Create Tax component (Service Tax)
- Create one charge (Loan fee) and add the Tax component(Service Tax) to the charge. (The charge will be collected during disbursement)
- Create one loan product(Income generating loan) and add the charge to Loan(Loan fee)
- While disbursing this loan to a client, Application collects the Loan fee. But it's not collecting the service tax for the loan fee.
Yes santhosh. I have enabled accounting.
Yes santhosh. I did that.
Looks like Services taxes yet to be implemented with loan charges.. Did you try the same with savings charge(Savings activation charge) with saving product 'Cash Accounting' Enabled?
