Superannuation exemption limit increased from INR 1 lakh to INR 1.5 lakh
As we are all aware,
Superannuation Employer contribution exemption limit is now increased from INR 1 lakh to INR 1.5 lakh in the recent Union Budget Changes 2016.
There have been several queries on how this change will be done/carried out in the system or if SAP is going to release a separate SAP note for the change.
Kindly note that there will not be any separate SAP note released for the above change, as this was already referenced in the SAP note 2290356 -Union Budget changes 2016 under point no. 7 as follows-
Superannuation Fund : -The perk Calculation of superannuation is a consulting solution , and the constant ZSALT needs to be modified to INR 1.5 lakh.
Now to the benefit of all our Customers , this is how the change will need to be done in the system.
1.Execute transaction SM30
2.Enter View name as V_T511P and select ‘Maintain’
3.Enter Country Grouping as 40
4.Select the already existing ZSALT record ,and click on delimit.
5.Enter the new date as 01.04.2016 and change the limit to INR 1.5 lakh
6.Save the changes.
The value of the constant ZSALT for View V_T511P should be as follows after the changes are done:-
Kindly also check SAP note 995880 -Fringe benefit on Superannuation contribution, an old note released earlier, which details the Superannuation exemption consulting solution!
Thanks and Kind Regards