Direct Tax Code 2011 by Finance Minister Mr.Pranab Mukherjee
Great news: Mr.Pranab Mukherjee, Union finance minister has introduced the DTC (direct tax code) bill in the Lok Sabha.
The DTC bill provides for tax exemption on annual income up to
Rs.2,00,000 (2 Lakh) for male and female; and Rs.2,50,000 (2.5 Lakh) for senior citizens . This means that if you have Net Taxable Salary of 2,00,000 then you do not need to pay any tax.
The slabs now would be as follows:
Above Rs.2,00,000 and less than Rs.5,00,000 : 10% tax would be deducted
Above Rs.5,00,000 and less than Rs.10,00,000 : 20% tax would be deducted
Above Rs.10,00,000 (10 Lakh): 30% tax would be deducted
Blog by BBSPL
Monday, August 30, 2010
Friday, August 13, 2010
Payroll Software: PF Challan and Form 12A subscribers mistmatch
Payroll Software, Webpay:
No. of subscribers on PF Challan and Form 12A do not match.
Reason:
1. If the salary of some employees is not processed then this mismatch condition arises.
2. If the salary is processed and withheld; and you have selected the option in PF Configuration "Do not deposit PF of employees whose salary is withheld"
Remedy:
There is no automatic remedy that can be provided but the interim solution has been provided on PF Challan. You can enter the no. of subscribers as you wish to and same will be reflected on Form 12A.
Authored by: Mohan Krishna
BBSPL
No. of subscribers on PF Challan and Form 12A do not match.
Reason:
1. If the salary of some employees is not processed then this mismatch condition arises.
2. If the salary is processed and withheld; and you have selected the option in PF Configuration "Do not deposit PF of employees whose salary is withheld"
Remedy:
There is no automatic remedy that can be provided but the interim solution has been provided on PF Challan. You can enter the no. of subscribers as you wish to and same will be reflected on Form 12A.
Authored by: Mohan Krishna
BBSPL
Monday, August 2, 2010
Changes in June 2010
1. Reimbursement cover letter
2. Change in PT process: Earlier the PT was calculated only on monthly basis, now with these changes the quarterly, six monthly and annually calculation is updated.
3. New module added: Expense management
4. New module added: Ticket system
5. Import employe master: fields have been added viz. Marital Status; Marriage Date; No. of Children; Salaried; TempID; Assign Date
6. Change in salary process bar
7. On the salary slip mail option PDF password option is available on the report itself. Earlier it was handled from configuration settings.
8. Create and lock-unlock month process
9. Dynamic ESS body page
10. Configure ESS body page dynamically from admin
11. Combined PF-ESI challan
12. Loan and Advance: Import form added
13. Financial Year Creation: A grid has been added to show the employee which are live but salary of March month is not processed. User can export the employee details.
14. Arrear process: Bug solved due to ESI calculation. If user sets ESI not deduct on Arrear and also check the flag that ESI deduct with salary then the system did not deduct ESI on arrear amount.
15. Hold/Release: Previous financial year hold/release bug solved.
16. Loan/Advance: Columns added to the loan/advance grid.
17. Salary Process: Storing Gross Salary on which PT is deducted
18. Salary Slip for Nigeria added
19. On reimbursement approval searching criteria changed
20. On config settings ticket module, ticket related options added.
21. On reimbursement request form new fields added in the grid.
2. Change in PT process: Earlier the PT was calculated only on monthly basis, now with these changes the quarterly, six monthly and annually calculation is updated.
3. New module added: Expense management
4. New module added: Ticket system
5. Import employe master: fields have been added viz. Marital Status; Marriage Date; No. of Children; Salaried; TempID; Assign Date
6. Change in salary process bar
7. On the salary slip mail option PDF password option is available on the report itself. Earlier it was handled from configuration settings.
8. Create and lock-unlock month process
9. Dynamic ESS body page
10. Configure ESS body page dynamically from admin
11. Combined PF-ESI challan
12. Loan and Advance: Import form added
13. Financial Year Creation: A grid has been added to show the employee which are live but salary of March month is not processed. User can export the employee details.
14. Arrear process: Bug solved due to ESI calculation. If user sets ESI not deduct on Arrear and also check the flag that ESI deduct with salary then the system did not deduct ESI on arrear amount.
15. Hold/Release: Previous financial year hold/release bug solved.
16. Loan/Advance: Columns added to the loan/advance grid.
17. Salary Process: Storing Gross Salary on which PT is deducted
18. Salary Slip for Nigeria added
19. On reimbursement approval searching criteria changed
20. On config settings ticket module, ticket related options added.
21. On reimbursement request form new fields added in the grid.
Updates as on 21st May 2010
1. Auto arrear takes unexpected time corrected.
2. FBP Changes
3. Financial year creation changes: Addition of new columns due to hold PF, ESI etc. Data shown on released month of salaryotherdetails table, also added index on the salary table. Check for suspended employee on financial year creation.
4. Change in data storage due Hold Employees which effected PF, ESI, PT, TDS, VPF.
5. Loan and advance process change due to perquisite calculation and other employee requirements.
6. Reimbursement process change due to change in existing DOL or DOLtax when reimbursements are calculated on the basis of DOJ & DOL.
7. Change in salary process due to Hold and Release changes.
8. Change in salary unlock process due to loan and advance perquisites value storage.
9. TDS estimation in excel changed
10. Tax process change due to Loan and advance perquisite calculation.
2. FBP Changes
3. Financial year creation changes: Addition of new columns due to hold PF, ESI etc. Data shown on released month of salaryotherdetails table, also added index on the salary table. Check for suspended employee on financial year creation.
4. Change in data storage due Hold Employees which effected PF, ESI, PT, TDS, VPF.
5. Loan and advance process change due to perquisite calculation and other employee requirements.
6. Reimbursement process change due to change in existing DOL or DOLtax when reimbursements are calculated on the basis of DOJ & DOL.
7. Change in salary process due to Hold and Release changes.
8. Change in salary unlock process due to loan and advance perquisites value storage.
9. TDS estimation in excel changed
10. Tax process change due to Loan and advance perquisite calculation.
12 May 2010 Update
1. On proffesional tax challan name of the state changed to dynamic.
2. On master employee import date format of all the dates change to "1-Jan-2010"
3. Form 6A paging handled
4. Salary slip without leave: In the email salary slip message was not displayed now rectified.
2. On master employee import date format of all the dates change to "1-Jan-2010"
3. Form 6A paging handled
4. Salary slip without leave: In the email salary slip message was not displayed now rectified.
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