Archive for 2020
The Government of India, as part of the Atmanirbhar Bharat package for pandemic relief, has reduced the statutory rate of PF contribution from 12% to 10% for the wage months of May, June and July 2020. Please see the gazette notification (S.O. 1513(E)) issued by the Ministry of Labour and Employment here. Note: A reading […]
Continue Reading →The Government of India has introduced Section 115BAC in the Income Tax Act (with effect from tax year 2020-21), which allows you to opt for lower tax rates at which your salary can be taxed. The lower tax rates are specified under what is referred to as the “Simplified Tax Regime”. The below table presents […]
Continue Reading →Tags: FY 2020-21, Income tax Department Circular, Salary TDS, Simplified Regime
Posted in: Blog
Leave a Comment (0) →The Union Budget for FY 2020-21 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2020. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2020-21, effective 01-Apr-2020. Introduction of lower tax slabs The Finance Minister has introduced Section 115BAC, which […]
Continue Reading →Posted in: Blog
Leave a Comment (4) →Joyful Payroll
Looking for high quality and cost effective Payroll/Leave/Attendance software or payroll outsourcing? Give us a shout - sales@hinote.in.