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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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SBI Lending Rates for Loan Perquisite Calculation – 2017-18

State Bank of India (SBI) has published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2017-18. You can find the SBI rates as on 01-Apr-2017 here. SBI provides reference rates for different types of loan (home loan, car loan etc.). Employers should use the correct reference rate for the […]

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On fake receipts, forged signatures and travelling at the speed of light

April is a relaxed month for payroll folks like us. A much needed quiet period after the hustle and bustle of the last quarter (Jan to Mar) when we put in significant efforts for year-end activities such as investment proof scrutiny and income tax finalization. Pouring over rent receipts, home-loan interest certificates, leave travel bills […]

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Reduction in PF administrative charges

The Ministry of Labour and Employment has reduced the PF administrative charges with effect from 01-Apr-2017. You can read the gazette notification here. The highlights of the notification are as follows. 1. The EPF administrative charge shall be 0.65% of the total PF wage from 01-Apr-2017. The earlier administrative charge was 0.85% (until 31-Mar-2017). Consequently, […]

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