FAQ
When your employer provides you or any member of your household, an interest free loan or a loan at a concessional rate – it is chargeable to tax as a perquisite.
Zoho Payroll automatically calculates the perquisite charges for a loan once you input the perquisite rate. Ideally, it should match the SBI interest rate.
We switched from Paybooks to Zoho Payroll due to it's integration with Zoho Books. Also, the user experience is amazing and the automated salary and tax calculation makes the entire payroll process very smooth.
Our HR department has seen a 40% increase in productivity after switching to Zoho Payroll. As a result, they get more time to do their core function of taking care of our employees and fostering relationships.