1.9.3 Specify Currency Details

1. On Tax Details screen, specify the details.

   Note:

   The fields which are marked in red asterisk are mandatory.

   For more information on fields, refer to the field description table.

   Table 1-21 Tax Details - Field Description

   Field	Description
   Currency	This field appears only for LD and MM product maintenance. You need to specify the currency for which the tax waiver rules (maximum interest period and minimum interest amount) should be defined.
   Maximum Interest Period for Tax	This field appears only for LD and MM product maintenance. You need to specify the interest period beyond which tax on the interest amount liquidated would be waived. The maximum interest period would be applicable only for Deposit type of products for LD and Borrowing type of products for the MM module. If the tax rule has a tax category linked to it, then the currency details will be mandatory. A validation for this would be done during tax processing. In case the tax rule does not contain the tax category, and the currency details have not been defined, then the maximum interest period would be ignored and the minimum interest amount would be considered as 0 indicating that the tax would always be computed.
   Period Unit	This field appears only for LD and MM product maintenance. You need to specify the unit for the interest period. The available options are as follows: Days (D) Months (M) Years (Y)
   Minimum Interest Amount for Tax	This field appears only for LD and MM product maintenance. You need to specify interest amount up to which tax will be waived. The minimum interest amount would be applicable only for the Deposit type of products for LD and Borrowing type of products for MM module. If the tax rule has tax category linked to it, then the currency details will be mandatory. A validation for this would be done during tax processing. In case the tax rule does not contain the tax category, and the currency details have not been defined, then the maximum interest period would be ignored and minimum interest amount would be considered as 0 indicating that the tax would always be computed. If the interest amount being liquidated is less than the minimum interest amount, tax will be waived completely for that transaction.

2. Click the Ok button to close the screen.