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Reduction in statutory rate of EPF contribution for May, June, and July 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 […]

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Simplified Tax Regime – a Circular from the Income Tax Department

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 […]

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Budget FY 2020-21 – Tax on Salary

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 […]

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Budget FY 2019-20 – Tax on Salary

The interim Union Budget for FY 2019-20 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2019. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2019-20, effective 01-Apr-2019. Note: This post has been updated to include the proposals tabled by […]

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Reduction in PF administrative charges (effective 01-June-2018)

The Ministry of Labour and Employment has reduced the PF administrative charges with effect from 01-June-2018. You can read the gazette notification here. The highlights of the notification are as follows. 1. The EPF administrative charge shall be 0.50% of the total PF wage from 01-June-2018. The earlier administrative charge was 0.65% (until 31-May-2018). Consequently, […]

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Budget FY 2018-19 – Tax on Salary

The Union Budget for FY 2018-19 was tabled in the Parliament by the Finance Minister of India on 01-Feb-2018. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for FY 2018-19. 1. Tax slabs remain the same The tax rates for salaried employees below 60 years […]

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