6. Product With-Holding Tax
The system provides the facility of capturing the details of tax applicability
on annuity payments.
Note
With-Holding Tax Products can be defined through
the Fund Manager component only.
The With-Holding Tax Product – Load Mapping screen allows you
to capture the characteristics of the With-Holding Tax Product you wish
to maintain. The next section gives you step-by-step instructions to
do the same.
This chapter contains the following sections:
6.1 With-Holding Tax Product
This section contains the following topics:
6.1.1 Creating and Saving With-Holding Tax Product
The following are the steps you need to follow to define a With-Holding
Tax Product. Each of these steps is explained in detail in subsequent
sections.
- Invoke the With-Holding Tax Product – Load Mapping screen.
- Enter information in the With-Holding Tax Product – Load Mapping
screen.
- Save the information entered.
6.1.2 Invoking Screen
You can invoke the ‘Product With-holding Tax Detail’ screen
by typing ‘LEDPWHTD’ in the field at the top right corner
of the Application tool bar and clicking on the adjoining arrow button.

Select ‘New’
from the Actions menu in the Application tool bar or click new icon to
enter the details of the Product WHT Setup.
You can enter the following details in this screen:
WHT Product – Load Mapping Section
In the WHT Product – Load Mapping section, you will have to
enter information in the following fields:
Product ID
Mandatory
Select the Product for which the tax on annuity details needs to be
captured, from the drop-down list.
Load ID
Mandatory
Select the load corresponding to with-holding tax, from the drop-down
list.
Effective Date
Mandatory
Specify the date from which the tax details captured in this screen
are effective.
Age Limit Applicable for Rebates
Mandatory
Select ‘Yes’ to indicate an age limit constraint is applicable
for eligibility for rebates on the tax.
Note
If you select ‘Yes’, the Rebate Details
section is displayed as shown below.
Applicable for CGT
Mandatory
Select ‘Yes’ if applicable for CGT. Else ‘No’
Specifying Tax Details
Note
This section will be displayed only if have checked
the box ‘Age Limit Applicable for Rebates’.
You will have to enter information in the following fields in this
section.
Age From
Mandatory
Specify the age from which the rebates are applicable.
Age To
Mandatory
Specify the age up to which the rebates are applicable.
Rebate Amount
Mandatory
Specify the amount of rebate that is applicable.
You can click add icon to add the tax details.
Note
- The year-end tax is computed in product base currency; hence the
tax amount in product currency is converted to policy base currency before
redemption, as redemption happens in policy base currency.
- If annuity tax computation happens at policy holder level, the annuity
amount gets converted in terms of product base currency, to derive the
load slab for WHT computation.
6.1.3 Saving information Entered
When you have entered all the mandatory information; click ‘Ok’
button.
The system displays the confirmation message as “Record Successfully
Saved ”.
This indicates the record has been saved. Click ‘Ok’ button.
6.2 Product With-Holding Tax Summary Screen
This section contains the following topics:
6.2.1 Invoking Product With-Holding Tax Summary Screen
You can invoke the ‘Product With-holding Tax Summary’
screen by typing ‘LESPWHTD’ in the field at the top right corner
of the Application tool bar and clicking on the adjoining arrow button.:

6.2.2 Retrieving Product With-Holding Tax in Product With-Holding
Tax Screen
You can retrieve a previously entered record in the Summary screen,
as follows:
Specify any or all of the following details in the Product With-Holding
Tax Summary screen:
- Select the status of the record in the Authorized field.
If you choose the “Blank Space” option, then all the records
are retrieved.
- Select the status of the record in the Record Status field.
If you choose the “Blank Space” option, then all the records
are retrieved.
- Product ID
- Effective Date
After you have specified the required details, click ‘Search’
button. All records with the specified details are retrieved and displayed
in the lower portion of the screen.
Note
You can also retrieve the individual record detail
from the detail screen by doing query in the following manner:
- Press F7.
- Input the Product ID.
- Press F8.
You can perform Edit, Delete, Amend, Authorize, Reverse, Confirm operation
by selecting from the Action list.
You can also search the record by using combination of % and alphanumeric
value.
For example
You can search the record for Product Type by using the combination
of % and alphanumeric value as follows:
- Search by A%: System will fetch all the records whose Product Type
starts from Alphabet ‘A’. For example, AGC17, AGVO6, AGC74
and so forth.
- Search by %7: System will fetch all the records whose Product Type
ends by numeric value’ 7’. For example, AGC17, GSD267, AGC77
and so forth.
- Search by %17%:- System will fetch all the records whose Product
Type contains the numeric value 17. For example, GSD217, GSD172, AGC17
and so forth.
6.2.3 Editing Product With-Holding Tax
You can modify the details of a record that you have already entered
into the system, provided it has not been subsequently authorized. You
can perform this operation as follows:
- Invoke the Product With-Holding Tax Summary screen from
the Browser.
- Select the status of the record that you want to retrieve
for modification in the Authorization Status field. You can only modify
records that are unauthorized. Accordingly, choose the Unauthorized option
from the drop down list.
- Specify any or all of the details of the record in the
corresponding fields on the screen to retrieve the record that is to
be modified. All unauthorized records with the specified details are
retrieved and displayed in the lower portion of the screen.
- Double click the record that you want to modify in the
list of displayed records. The Product With-Holding Tax Detail screen
is displayed.
- Select Unlock Operation from Action list to modify the
record. Modify the necessary information.
- Click Save to save your changes. The Product With-Holding
Tax Detail screen is closed and the changes made are reflected in the
Product With-Holding Tax Summary screen.
6.2.4 Viewing Product With-Holding Tax
To view a Product With-Holding Tax you have previously entered, you
must retrieve the same in the Product With-Holding Tax Summary screen,
as follows:
- Invoke the Product With-Holding Tax Summary Screen from
the Browser.
- Select the status of the record that you want to retrieve
for viewing in the Authorization Status field. You can also view all
records that are either unauthorized or authorized only, by choosing
the Unauthorized/ Authorized option.
- Specify any or all of the details of the records in the
corresponding fields on the screen, and click ‘Search’ button.
All records with the specified details are retrieved and displayed in
the lower portion of the screen.
- Double click the record that you want to view in the list
of displayed records, in the lower portion of the screen. The Product
With-Holding Tax screen is opened in view mode.
6.2.5 Deleting Product With-Holding Tax
You can delete only unauthorized records in the system.
To delete a record that you have previously entered, you must retrieve
the same in the Product With-Holding Tax Summary screen, as follows:
- Invoke the Product With-Holding Tax Summary screen from
the browser.
- Select the status of the record that you want to retrieve
for deletion.
- Specify any or all of the details of the record in the
corresponding fields on the screen, and click ‘Search’ button.
All records with the specified details are retrieved and displayed in
the lower portion of the screen.
- Double click the record that you want to delete in the
list of displayed records, in the lower portion of the screen. The Product
With-Holding Tax Detail screen is opened in View mode.
- Select Delete operation from the Action list. The system
prompts you to confirm the deletion, and the record is deleted physically
from the system database.
6.2.6 Authorizing Product With-Holding Tax
An unauthorized record must be authorized in the system for it to
be processed.
To authorize a record, you must first retrieve the same in the Product
With-Holding Tax Summary screen.
- Invoke the Product With-Holding Tax Summary screen from
the Browser.
- Select the status of the record that you want to retrieve
for authorization. Typically, choose the Unauthorized option from the
drop down list.
- Specify any or all of the details of the record in the
corresponding fields on the screen. Click ‘Search’ button.All
records with the specified details that are pending authorization are
retrieved and displayed in the lower portion of the screen.
- Double click the record that you wish to authorize. The
Product With-Holding Tax Detail screen is opened in View mode.
- Select Authorize operation from Action list.
When the checker authorizes a record, details of validations, if any,
that were overridden by the maker of the record during the Save operation,
are displayed. If any of these overrides results in an error, the checker
must reject the transaction.
6.2.7 Amending Product With-Holding Tax
After a record is authorized, it can be modified using the Unlock
operation from Action list. To make changes to a record after authorization,
you must invoke the Unlock operation which is termed as Amend Operation.
- Invoke the Product With-Holding Tax Summary screen from
the Browser.
- Select the status of the record that you wish to retrieve
for amendment. You can only amend records that are authorized.
- Specify any or all of the details of the record in the
corresponding fields on the screen. All records with the specified details
are retrieved and displayed in the lower portion of the screen.
- Double click the record that you want to amend. The Product
With-Holding Tax screen will be displayed in Amendment mode. Click the
Unlock operation from the Action list to amend the record.
- Amend the necessary information. Click the Save button
to save your changes.
6.2.8 Authorizing Amended Product With-Holding Tax
An amended Product With-Holding Tax must be authorized for the amendment
to be made effective in the system.