NPS Exemption in Webpay (Sec 80 CCD(2)

NPS calculation is done in the following way in Webpay.

The NPS contribution by employer is exempted to the maximum of 10% of salary in previous year.

Webpay checks / calculates 10% of the salary (Basic + DA) and the exemption under section 80ccd(2) is limited to 10% of salary. Therefore you can insert the actual amount contributed by the employer under Section CCD(2) and Webpay would check the limit of 10% of salary.

 

Blog by Webpay

Budget Proposals 2013

Budget Proposals 2013

 

The biggest gainers from the new income tax proposals are those whose income is between Rs 2.2 lakh and Rs 5 lakh per annum. Everyone in this category saves exactly Rs 2,060 in their tax bill (including the 3% education cess). The only exception are those aged above 80, who are already tax-exempt till Rs 5 lakh and those aged between 60 and 80 who are exempt till Rs 2.5 lakh.Those with incomes between Rs 2 lakh and Rs 2.2 lakh will not have to pay any tax for next year, but how much they save depends on what their income is. A person with an income of just above Rs 2 lakh, for instance, will save almost nothing, while someone who earns Rs 2.1 lakh saves only Rs 1,030. Between Rs 5 lakh and Rs 1 crore, you neither gain nor lose in tax. Beyond Rs 1 crore, the extra tax bill mounts rapidly. At Rs 1.5 crore, the additional burden is Rs 4,45,990, at Rs 2 crore it is Rs 6,00,490 and at Rs 5 crore it becomes Rs 15,27,490. This is because the 10% surcharge applies to your entire tax bill and not just the portion over Rs 1 crore.

While you gain nothing from the Rs 2,000 tax rebate if your income is above Rs 5 lakh, you can still avail of the enhanced benefit on home loan interest payments. So far, interest payments up to Rs 1.5 lakh were deduc tible from your taxable income. The FM has now said that another Rs 1 lakh of interest payments will be allowed as a tax deduction provided your home loan does not exceed Rs 25 lakh, the value of the property is not more than Rs 40 lakh and it is your first home. If you meet these criteria, you can now save Rs 10,300 or Rs 20,600 or Rs 30,900 from your tax bill depending on whether you are in the 10%, 20% or 30% tax bracket.

While the formal IT exemption limit remains at Rs 2 lakh, you can avoid tax even with much higher incomes under certain circumstances. If you can use the exemptions for PF contributions, insurance premia etc up to Rs 1 lakh under Sec 80C, the home loan interest deduction under Sec 24 up to Rs 2.5 lakh, the exemption on savings bank account interest up to Rs 10,000 and the Mediclaim premia exemption up to Rs 20,000, you could theoretically have an income of Rs 6 lakh and be tax-free. Of course, whether all this is practically possible at such income levels is debatable.

Source: Times of India

Arrear did not calculate correctly

Issue in this scenario: 

Retro Arrear (Increment) was not calculated correctly.

Issue: Special Allowance was calculated using a formula from July to December.

In Jan. two new payheads created to calculate Special Allowance. 

These were O00009 (VARIABLE 2 FOR SP CAL) and O00010 (VARIABLE 1 FOR SP CAL). Formula for Special Allowance now changed and now it is O00010-O00009. Earlier the formula for special allowance was different.

Current Scenario: Payheads Special Allowance and O00009 are Calculate at runtime and O00010 is not.

Because A00009 (Special Allow) is Calculate at Runtime, the calculation was done on runtime and hence it was coming wrong.

Solution: We removed the option Calculate at Runtime for A00009 and processed the arrear and arrear came correct.

Very important: After arrear is processed, it is important to again make A00009 (Special Allow) Calculate at Runtime enabled so that correct salary is processed as per new formula.

Remember, if you change the formula of payheads which are / were calculate at runtime then retrospective arrear may not get calculated correctly.

BBSPL

Please select a valid file

If you receive a message "Please select a valid file" at the time of importation then do the following:

1. Add the software link in trusted sites in Internet Explorer.

2. Please check your excel sheet as it might contain special characters in some of the cells.

Regards

Webpay Blog

Server Error in '/payroll' Application (There is not enough space on the disk)

When perform any operation like salary process, tax process, search employee etc. getting such error.

Reason: Please check disk space on server where webpay is installed, delete some file's and folder and provide some free space in your window drive as well as drive where webpay folder is placed because there is no space to run software and perform different operation.


Blog By :BBSPL

The username and password textbox does not appear.

The username and password textbox does not appear.

Reason: Please reinstall framework and register it.

Blog by BBSPL

Capture Punch Time in Webpay

Capture Punch Time in Webpay

Format 1: (Excel Format)

Format 2: (Excel Format)

Format 3: Text File with Tab

Format 4: Text File without Tab