Skip to Content
author's profile photo Former Member
Former Member

New Payroll Change 2014-15

Dear All,

Kindly let me know, all payroll related changes which has been introduced in budget on 10-July.

When is likely, SAP would release note for same.

Regard

KKS

Add a comment
10|10000 characters needed characters exceeded

Assigned Tags

Related questions

2 Answers

  • Best Answer
    author's profile photo Former Member
    Former Member
    Posted on Jul 11, 2014 at 09:58 AM

    Dear KKS,

    wait for some time SAP will release the Note regarding the changes.

    Add a comment
    10|10000 characters needed characters exceeded

    • Former Member Former Member

      SAP Note

      Header Data

      Symptom

      Union Budget 2014-15 has been announced by the Finance Minister Mr. Arun Jaitley. This note lists out the changes in Direct Taxes which impact

      India Payroll.

      Other Terms

      Union Budget 2014-15, Income tax, Sucharge,

      Reason and Prerequisites

      Union Budget 2014-15 changes effcetive from April 2014.

      Solution

      Union Budget 2014-15 has been announced by the Finance Minister Mr. Arun Jaitley on the 10th of July. Following are the changes impacting SAP

      India Payroll.

      1. Changes in the Income Tax Slab:

      l Individual Men & women below 60 years – NIL(Zero) tax for Income up to Rs 2,50,000/-

      l Individuals aged greater than 60 and below 80 - NIL(Zero) tax for Income up to Rs 3,00,000/-

      l Individuals aged greater than 80 - NIL(Zero) tax for Income up to Rs 5,00,000/-

      l All other slabs remains same

      2. Investment Limit under Section 80C raised from 1 lakh to 1.5 lakh

      3. Deduction limit of interest on loan in respect of self-occupied house property raised from 1.5 lakh to 2 lakh

      4. Deduction under Section 80CCD(1) ( Employee NPS Contribution) shall not exceed 1 lakh whereas employer NPS remains the same(10% of

      Basis).

      5. Section 80CCE i.e. Limit on section 80C , section 80ccc and section 80ccd not to exceed 1.5 lakh

      6. Rate of tax on Long term capital gains increased from 10% - 20% on transfer of units of mutual funds, other than equity oriented funds

      NOTE

      l No changes to Surcharge and Tax Credit. These continue as before

      l These changes are effective from April 2014

      SAP will release these changes by 25th of July 2014.

  • Posted on Jul 15, 2014 at 03:07 PM

    Hello,

    Kindly check SAP Note: 2041635.

    With regards,

    Chetan Gaikwad

    Add a comment
    10|10000 characters needed characters exceeded

Before answering

You should only submit an answer when you are proposing a solution to the poster's problem. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. Also, please make sure that you answer complies with our Rules of Engagement.
You must be Logged in to submit an answer.

Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total.