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Archive for 2014

TDS on Salary – Circular for FY 2014-15

The Income Tax Department has issued the “TDS on Salary” circular for FY 2014-15. http://www.incometaxindia.gov.in/communications/circular/circular17_2014.pdf Please ensure that all tasks (income tax deduction, investment proof scrutiny, etc.) related to salary TDS compliance in your organization for FY 2014-15 are carried out as per the circular.

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Tax Benefit on Housing Loan Interest – Is it Rs 30,000 or Rs 200,000?

What is the maximum deduction available for the interest payment on a housing loan for a self-occupied house property (as of FY 2014-15)? Section 24 of the Income Tax Act provides for deductions on income from house property for the purpose of tax calculation. According to Section 24, where the property has been acquired, constructed, […]

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About Professional Tax

Professional Tax (also referred to as Profession Tax) is a tax on income levied by state government authorities in India. If an organization operates in a state which has legislated levy of Profession Tax, it is bound to deduct Professional Tax from its employees’ salary and remit the same to the relevant state government authority […]

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PF – Wage Ceiling Enhancement to Rs 15,000 Effective 01-Sep-2014

The Provident Fund (PF) department, in its circular dated 28-Aug-2014, has notified the wage ceiling enhancement to Rs 15,000 per month from Rs 6,500 per month, effective 01-Sep-2014. Please ensure that PF deduction and contribution are calculated as per the new wage ceiling of Rs 15,000 from Sep 2014 onwards. In other words, a. If […]

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High Risk Investment Declarations

Organizations typically accept investment declarations (for tax saving) from employees at the beginning of a tax year and expect employees to submit proof of investments only towards the end of the year or at the time of final settlement calculation in case of employees leaving the organization before the end of the year. It is […]

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Budget FY 2014-15 – Tax on Salary

As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary which payroll managers need to consider for FY 2014-15. 1. Changes in tax rates The revised tax rates for salaried employees […]

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Company Tax remittance in Chennai

In addition to remitting Profession tax (PT), companies – conducting business transactions in Chennai – need to pay what is known as Company Tax to the Corporation of Chennai every six month. We find many companies being unaware that there is something called Company Tax to be paid. According to estimates published by the Corporation […]

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