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The Ministry of Labour and Employment, Government of India, has amended the Employees’ State Insurance (Central) Rules, 1950 by introducing a new rule called Rule 51B, stated as follows. “51B. In areas where the Act is implemented for the first time, the rates of employer’s and employee’s contribution for the initial twenty-four months from such […]
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Leave a Comment (0) →Someone asked us a question on Form 16 recently. In case an employee has no tax liability and hence no tax is deducted from the employee’s salary, can/should the employer issue Form 16 to the employee? The typical answers we come across are as follows. a. Form 16 cannot be issued to an employee with […]
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This post pertains to a new feature we have introduced in HRWorks, our online payroll software. If you are not a user of HRWorks, this post may not be relevant to you. We have introduced a new feature on HRWorks using which you can create and publish letters to your employees. By letters, we refer […]
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Leave a Comment (0) →The issue An employee changes job in the middle of a year and submits his investment details (for tax saving) to the company he joins. The employee seeks benefits under Section 24 (interest on housing loan), Section 80C etc. of the Income Tax Act, from the new employer. The employee, while in his earlier company, too availed […]
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This post pertains to a new feature we have introduced in HRWorks, our online payroll software. If you are not a user of HRWorks, this post may not be relevant to you. We have introduced a new feature called TaxGenie in HRWorks which can help employees in tax saving. Given the multitude of benefits available […]
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Leave a Comment (0) →Let us take a look at the tax rules governing accommodation provided by the employer – both when the accommodation is owned by the employer and when accommodation is rented by the employer for the benefit of the employee. The term employer in this post refers to non-government employers. Please see the “Definitions” section in […]
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Leave a Comment (4) →Employers seek information on and proof of investments/expenditure from employees who wish to avail tax benefits each year. The benefits include those on allowances such as House Rent Allowance and Leave Travel Allowance, and those on deductions such as interest payment on housing loan (Section 24) and payments towards life insurance premium etc. under Section […]
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Leave a Comment (37) →Currently (as of May 2016), the deadlines for Form No. 24Q filing are as follows: Quarter Deadline First quarter, ending 30th of June Immediately following 15th of July Second quarter, ending 30th of September Immediately following 15th of October Third quarter, ending 31st December Immediately following 15th of January Fourth quarter, ending 31st of March […]
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Leave a Comment (1) →State Bank of India (SBI) has published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2016-17. You can find the SBI rates as on 01-Apr-2016 here. SBI provides reference rates for different types of loan (home loan, car loan etc.) and employers should use the correct reference rate for […]
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Leave a Comment (6) →Rule 2BB of the Income Tax Rules specifies the allowances paid to employees which are not taxable. One of the allowances which is exempt from tax is what is commonly called Uniform Allowance. Rule 2BB exempts from income tax: any allowance granted to meet the expenditure incurred on the purchase or maintenance of uniform for […]
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