Hello Vijay,
The overtime can be maintained in the Time Recording Profile.
You can give either the daily or the periodic threshold value as 'Planned Working Time' which will take all hours above the planned hours, as per the work schedule for considering the overtimes and will be payed out or banked as per the corresponding premium pay.
Here,for example 4 hours after 8 hours of planned times would be paid with a premium of of 1.5(all payout).
In cases where the employee is to be paid differently after 12 hours (8planned and 4overtime) you can maintained another premium pay value as well.You can then assign this time profile to the employee.
Under time type activities you can maintain the overtime rules.
Best regards,
Sahalya