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Archive for 2015

Tax Benefit is Available on Home Loan Interest, Even if Unpaid

As a payroll service provider, we verify the supporting documents submitted by employees when they seek tax benefit. If an employee seeks deduction under Section 24 of the Income Tax Act, for the housing loan interest, we typically seek a certificate from the bank/financial institution which presents the loan principal and interest schedule for the year, […]

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7 Traits of Great Payroll Professionals

Let us face it: payroll management is a thankless job. When was the last time you thanked payroll folks in your organization for crediting your salary on time or calculating your income tax or provident fund deduction accurately? Running a payroll organization is like running an electric utility. No consumer thanks the power company when […]

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Recent PT Amendments in Karnataka and Maharashtra

Effective April 2015, the state authorities in Karnataka and Maharashtra have introduced amendments to Profession Tax. Karnataka 1. Profession Tax exemption to senior citizens who have attained age of 60 years. 2. Profession Tax exemption to persons drawing salary/wages less than Rs. 15,000 in a month. Source: http://ctax.kar.nic.in/latestupdates/ctd0001.pdf (Please refer to III PROFESSION TAX) Maharashtra […]

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SBI Lending Rates for Loan Perquisite Calculation – 2015-16

State Bank of India (SBI) has published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2015-16. You can find the SBI rates as on 01-Apr-2015 here. SBI’s loan product called “Xpress Credit” corresponds to personal loans provided by employers to their employees. There are 3 categories of reference […]

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