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The Greater Chennai Corporation, by way of a council resolution dated 11-May-2018, has made changes to Profession Tax. The revised tax slabs for salaried employees in Chennai are as follows. Salary for the half year in Rs Profession Tax for the half year in Rs Less than or equal to 21,000 Nil 21,001 – 30,000 […]
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Leave a Comment (2) →The Ministry of Labour and Employment has reduced the PF administrative charges with effect from 01-June-2018. You can read the gazette notification here. The highlights of the notification are as follows. 1. The EPF administrative charge shall be 0.50% of the total PF wage from 01-June-2018. The earlier administrative charge was 0.65% (until 31-May-2018). Consequently, […]
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Leave a Comment (2) →The Union Budget for FY 2018-19 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2018. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2018-19. 1. Tax slabs remain the same The tax rates for salaried employees below 60 years […]
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Leave a Comment (2) →The income tax calculator on the website of the Income Tax Department is one of the most widely used online utilities in India. It looks as though the calculator is making a mistake with regard to the set off of loss from house property against salary income. The mistake is as on 16-Jan-2018. You may […]
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Leave a Comment (0) →The Income Tax Department has issued the “TDS on Salary” circular for FY 2017-18. You can take a look at it here. Please ensure that all tasks (income tax deduction, investment proof scrutiny, etc.) related to salary TDS compliance in your organization for FY 2017-18 are carried out as per the circular. Para 3.6.1 in […]
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Leave a Comment (2) →State Bank of India (SBI) has published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2017-18. You can find the SBI rates as on 01-Apr-2017 here. SBI provides reference rates for different types of loan (home loan, car loan etc.). Employers should use the correct reference rate for the […]
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Leave a Comment (7) →April is a relaxed month for payroll folks like us. A much needed quiet period after the hustle and bustle of the last quarter (Jan to Mar) when we put in significant efforts for year-end activities such as investment proof scrutiny and income tax finalization. Pouring over rent receipts, home-loan interest certificates, leave travel bills […]
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Leave a Comment (6) →In the budget for FY 2017-18, the Government of India introduced a proposal which reduces the extent to which loss from house property can be set off against other income including salary income. There seems to be confusion in the minds of some people as to how this proposal limits the tax benefit. The fact […]
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Leave a Comment (37) →The Ministry of Labour and Employment has reduced the PF administrative charges with effect from 01-Apr-2017. You can read the gazette notification here. The highlights of the notification are as follows. 1. The EPF administrative charge shall be 0.65% of the total PF wage from 01-Apr-2017. The earlier administrative charge was 0.85% (until 31-Mar-2017). Consequently, […]
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The Union Budget for FY 2017-18 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2017. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2017-18. 1. A change in the tax rate. The tax rate for the Rs 2,50,001 to […]
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