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The Union Budget for FY 2024-25 was tabled in the Parliament by the Finance Minister of India on 23-July-2024. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2024-25. Changes to tax slabs under the new regime Section 115BAC (New Regime) allows employees to […]
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Leave a Comment (0) →The Union Budget for FY 2023-24 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2023. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2023-24, effective 01-Apr-2023. Changes to tax slabs under the new regime Section 115BAC (New Regime) allows […]
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Leave a Comment (0) →The pandemic situation on account of COVID-19 has imposed severe travel restrictions on people all over India. In the current financial year (2020-21), most employees wouldn’t be able to claim tax benefit on LTA. The Government of India, in a bid to address the issue of tax exemption on LTA and in order to boost […]
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Leave a Comment (7) →The Government of India, as part of the Atmanirbhar Bharat package for pandemic relief, has reduced the statutory rate of PF contribution from 12% to 10% for the wage months of May, June and July 2020. Please see the gazette notification (S.O. 1513(E)) issued by the Ministry of Labour and Employment here. Note: A reading […]
Continue Reading →The Government of India has introduced Section 115BAC in the Income Tax Act (with effect from tax year 2020-21), which allows you to opt for lower tax rates at which your salary can be taxed. The lower tax rates are specified under what is referred to as the “Simplified Tax Regime”. The below table presents […]
Continue Reading →Tags: FY 2020-21, Income tax Department Circular, Salary TDS, Simplified Regime
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Leave a Comment (0) →The Union Budget for FY 2020-21 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2020. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2020-21, effective 01-Apr-2020. Introduction of lower tax slabs The Finance Minister has introduced Section 115BAC, which […]
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Leave a Comment (4) →The interim Union Budget for FY 2019-20 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2019. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2019-20, effective 01-Apr-2019. Note: This post has been updated to include the proposals tabled by […]
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Leave a Comment (2) →The Income Tax Department has issued the “TDS on Salary” circular for FY 2018-19. You can take a look at it here or here. Please ensure that all tasks (income tax deduction, investment proof scrutiny, etc.) related to salary TDS compliance in your organization for FY 2018-19 are carried out as per the circular. Para […]
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Leave a Comment (4) →State Bank of India (SBI) published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2018-19 on its website a few days ago. You can find the SBI rates as on 01-Apr-2018 here or here. SBI provides reference rates for different types of loan (home loan, car loan etc.). […]
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Leave a Comment (2) →Each year, employers issue Form 16, the statement of salary paid and income tax deducted, to employees, and employees use the information in Form 16 to file their income tax return (ITR) using a tax return form such as ITR-1. Until last year (AY 2017-18), the format of ITR-1 was such that employees could easily […]
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