Saturday, 28 February 2015

Union Budget 2015

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Here are sector-wise highlights of Union Budget 2015:
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TAXATION
=========

1 Abolition of Wealth Tax.
2 Additional 2% surcharge for the super rich with income of over    
        Rs. 1 crore.
3 Rate of corporate tax to be reduced to 25% over next four        
        years.
4 No change in tax slabs.
5 Total exemption of up to Rs. 4,44,200 can be achieved.
6 100% exemption for contribution to Swachch Bharat, apart 
        from CSR.
7 Service tax increased to 14 per cent.

AGRICULTURE
=============

1 Rs. 25,000 crore for Rural Infrastructure Development Bank.
2 Rs. 5,300 crore to support Micro Irrigation Programme.
3 Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE
================

1 Rs. 70,000 crores to Infrastructure sector.
2 Tax-free bonds for projects in rail road and irrigation
3 PPP model for infrastructure development to be revitalised 
        and govt. to bear majority of the risk.
4 Atal Innovation Mission to be established to draw on expertise 
        of entrepreneurs, and researchers to foster scientific 
        innovations; allocation of Rs. 150 crore.
5 Govt. proposes to set up 5 ultra mega power projects, each of 
        4000 MW.

EDUCATION
===========

1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal 
        Pradesh, Bihar and Assam.
2 IIT in Karnataka; Indian School of Mines in Dhanbad to be 
        upgraded to IIT.
3 PG institute of Horticulture in Amritsar.
4 Kerala to have University of Disability Studies
5 Centre of film production, animation and gaming to come up in 
        Arunachal Pradesh.
6 IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENSE
=========

1 Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent 
        over last year.
2 Focus on Make in India for quick manufacturing of Defense 
        equipment.

WELFARE SCHEMES
===================
1 GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) 
        to improve quality of life and to pass benefits to common man.
2 Six crore toilets across the country under the Swachh Bharat 
        Abhiyan.
3 MUDRA bank will refinance micro finance orgs. to encourage 
        first generation SC/ST entrepreneurs.
4 Housing for all by 2020.
5 Upgradation 80,000 secondary schools.
6 DBT will be further be expanded from 1 crore to 10.3 crore.
7 For the Atal Pension Yojana, govt. will contribute 50% of the 
        premium limited to Rs. 1,000 a year.
8 New scheme for physical aids and assisted living devices for 
        people aged over 80 .
9 Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for 
        Senior Citizens Fund.
10 Rs. 5,000 crore additional allocation for MGNREGA.
11 Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY
===================

1 Rs. 75 crore for electric cars production.
2 Renewable energy target for 2022: 100K MW in solar; 60K        
        MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM
========

1 Development schemes for churches and convents in old Goa; 
        Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, 
        Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad 
        to be under the new tourism scheme.
2 Visa on Arrival for 150 countries.

GOLD
=====

1 Sovereign Gold Bond, as an alternative to purchasing metal 
        gold.
2 New scheme for depositors of gold to earn interest and 
       jewelers to obtain loans on their metal accounts.
3 To develop an Indian gold voin, which will carry the Ashok 
      Chakra on its face, to reduce the demand for foreign coins and  
      recycle the gold available in the country.

FINANCIAL SECTOR
================

1 Forward Markets Commission to be merged with the 
        Securities and Exchange Board of India
2 NBFCs registered with the RBI and having asset size of Rs 
       500 crore and above to be considered as ‘financial institution’ 
       under Sarfaesi Act, 2002, enabling them to fund SME and mid-
       corporate businesses
3 Permanent Establishment norms to be modified to that mere 
       presence of offshore fund managers in the country does not 
       lead to “adverse tax consequences.”

Monday, 1 September 2014

PF Limit Increased

MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION

New Delhi, the 22nd August, 2014

G.S.R. 608 (E).—In exercise of the powers conferred by section 5 read with Sub-section(1) of Section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby-makes the following Scheme, further to amend the Employees’ Provident Funds Scheme. 1952, namely:-

I (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2014.
 
  (2) It shall come into force on and from the Ist day of September, 2014. 

2. In the Employees’ Provident Funds Scheme, 1952,-

(a) in paragraph 2, in clause (1), in sub-clause (ii), for the words “six thousand and five hundred rupees”, the words ” fifteen thousand rupees” shall be substituted;

(b) in paragraph 26. in sub- paragraph (6), for the words “six thousand and five hundred rupees’`. the words “fifteen thousand rupees” shall be substituted;

(c) in paragraph 26A, in sub-paragraph (2), in the proviso, for the words “six thousand and five hundred rupees”, wherever they occur, the words “fifteen thousand rupees” shall be substituted.

[F. No. S-35012/112012-SS.11]

ARUN KUMAR SINHA. Addl. Secy,
———————————–

NOTIFICATION 

New Delhi, the 22nd August, 2014

509(E),— In exercise of powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995. namely:—

I, (1) This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2014.

   (2) It shall come into force on and from the 1stday of September, 2014.

2, In the Employees’ Pension Scheme, 1995, (hereinafter referred to as the principal Scheme). in paragraph 3, in  sub-paragraph 2, in the proviso, for the words “rupees six thousand and five hundred”, wherever they occur, !he words “fifteen thousand rupees” shall be substituted.

3. In the principal Scheme, in paragraph 6, in clause (a), after the words. figures and letter “or 27A of the Employees’ Provident Funds Scheme, L952″, the words “and whose pay on such dare is less than or equal to fifteen thousand rupees”, shall be inserted.

4. In the principal Scheme, in paragraph It,-

(a) for sub-paragraph (1) and the proviso thereto, the following shall be substituted, namely:-
11) The pensionable salary shall be the average monthly pay drawn in any manner including on piece rale basis during contributory period of service in the span of sixty months preceding the date of exit from the membership of the Pension Fund and the pensionable salary shall be determined on pro-rata basis for the pensionable service up to the V’ day of September, 2014, subject to a maximum of six thousand and five hundred rupees per month and for the period thereafter at the maximum of fifteen thousand rupees per month:
Provided that if a member was not in receipt of fun pay during the period of sixty months preceding the day he ceased to be the member of the Pension Fund, the average of previous sixty months full pay drawn by him during the period for which contribution to the pension fund was recovered, shall be taken into account as pensionable salary, for calculating pension;

(b) in sub-paragraph (2), for the figures and word “12 months”, wherever they occur, the words -sixty months” shall be substituted;

(c) in sub-paragraph (3),-
(i) for the words, letters and figures “rupees six thousand and five hundred/Rs, 6500″, the words “fifteen thousand rupees” shall be substituted;
(ii) the proviso shall be omitted.

(d) after sub-paragraph (3), the following sub-paragraph shall be inserted, namely:-
“(4) The existing members as on the 11′ day of September, 2014, who at the option of the employer and employee, had been contributing on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised jointly by the employer and employee continue to contribute on salary exceeding fifteen thousand rupees per month:
Provided that the aforesaid members have to contribute at the rate of 1.16 per cent on salary exceeding fifteen thousand rupees as art additional contribution from and out of the contributions payable by the employees for each month under the provisions of the Act or the rules made thereunder:
Provided further that the fresh option shall be exercised by the member within a period of six months from the I g day of September, 2014:
Provided also that the period specified in the second proviso may, on sufficient cause being shown by the member, be extended by the Regional Provident Fund Commissioner for a further period not exceeding six months:
Provided also that if no option is exercised by the member within such period (including the extended period), it shall be deemed that the member has not opted for contribution over wage ceiling and the contributions to the Pension Fund made over the wage ceiling in respect of the member shall be diverted to the Provident Fund account of the member along with interest as declared under the Employees’ Provident Fund Scheme from time to time,

5. In the principal Scheme in paragraph 12, in sub-paragraph (2), the following proviso shall be inserted. namely:-
“Provided that the members’ monthly pension shall be determined on a pro-rata basis for the pensionable service up to the day of September, 2014 at the maximum pensionable salary of six thousand and live hundred rupees per month and for the period thereafter at the maximum pensionable salary of fifteen thousand rupees per month”.

6, in the principal Scheme, for paragraph 14 the following paragraph shall be substituted, namely.-
“14. Benefits on leaving service before being eligible for monthly member’s pension.- if a member has not rendered the eligible service specified in sub-paragraph t I) of paragraph 12 on the date of exit, or on mining the 58 years of age, whichever is earlier, such member shall be entitled to a withdrawal benefit as laid down in Table ‘V or may opt to receive the Scheme certificate provided on the date he has not attained 58 years of age:
Provided that for calculating such withdrawal benefit, the wages at exit shall be the weighted average of his wages at the end of every wage ceiling period:
Provided further that an existing member shall receive additional return of contributions for his past service under the Employees’ Family Pension Scheme, 1971, computed as withdrawal-cum-retirement benefits as per Table ‘A’ multiplied by the factor given in Table ’8′ “.

[F.No. S-35012/1/2012-SS-111]

ARUN KUMAR SINHA, Addl. Secy.


Note: The principal Scheme was published in the Gazette of India. Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 748 (E), dated the 16th November, 1995 and last amended vide notification number G.S.R. 80(E) dated the 14th February, 2013.

Thursday, 31 July 2014

Budget 2014-15 Highlights


Budget 2014-15 Highlights

Personal tax exemption limit raised to Rs. 2.5 lakh from current Rs. 2 lakh for taxpayers below 60 years

Senior citizen tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh

No change in surcharge for individuals

Education Cess to stay at current 3%

Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh 

Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh 

Sunday, 29 June 2014

WebPay - Update As On 24 June 2014

WebPay -  Update As On 24 June 2014
Module
Modified Date
Description
Task type
Enter Reimbursements and Approve Reimbursements
24-Jun-2014
Initially, Claim Amount is copied in Bill Amount column on Direct Approval but now Bill Amount is copied in Claim Amount column and if Bill Amount is greater than Balance than Claim Amount will be balance and Bill Amount is same entered by user.

Bug
Upload Document
24-Jun-2014
Resolve bug when extract zip file on Upload Document.
Bug
Admin Menu
24-Jun-2014
Travel Desk Menu is moved to Parent Menu & Training in HR Menu.

New
Tax Declaration ESS
24-Jun-2014
1.     Existing investment will show with the requested investment on the approval form.
2.     Added a button to add the HRA rent declaration rows on ESS to enter the multiple month rent detail if rent is vary month by month.

New
Monthly Salary Register Department wise
11 Jun 2014
Report format not shown correct now this problem has been resolved.
Bug
ESS --> Resignation Request
11 Jun 2014
To Clear all the controls after submission.
Bug
Resignation Approval By HR

11 Jun 2014
On Resignation Approval the "Approved Notice Days" value not auto populate. This has been resolved.
Bug
Journal Voucher Report

11 Jun 2014
To Correct IT amount calculation in Bharat Group JV report. Subtract the Add Tax Amount from Income tax amount.

Bug
Form16
11 Jun 2014
Add the logic to mail the Form-16 and get the installed digital signature in the local system.

New
Import Shift
11 Jun 2014
Earlier shift deleted when we assign for individual days shift if already assigned in that period now its resolved.

Bug
Birthday - Anniversary

11 Jun 2014
Resolve bug of current year date checking of addition fields on auto mail send through scheduler.
Bug
Map SAP/GL Code
04 Jun 2014
Now user can map SAP/GL code through import – Export with Dr Code and Cr Code.
New
Monthly Attendance report
04 Jun 2014
Solved runtime error on Attendance register with punch time details (after attendance process) report.

Bug
Full & Finalization
04 Jun 2014
Now Search employee according to user group wise on FNF form.

Bug
Salary Slip with tax and Misc. details

04 Jun 2014
Shown senior citizen age with age checking of expat employee.

Bug
Salary Register in Excel / Dynamic

04 Jun 2014
To Correct the calculation of Gross Arrear amount.

Bug
Export - Import Loan advance.

29 May 2014
Resolve bug when we search more than one employees then only one employee exported earlier.

Bug
Import Shift

29 May 2014
Resolve bug of automatic shift deleted at the time of import shift of some employee (Not all employee).

Bug
Employee Master

29 May 2014
Make all date fields editable and you may fill date in these formats on employee master (main) and employee master (custom made).
mm/dd/yyyy (eg. 01/31/2014)
dd mmm yyyy (eg. 31 Jan 2014)

New
Salary slip in Hindi and Wages Register

29 May 2014
Correct report format of Salary slip in Hindi for make 3 reports in one page with fixed height of salary slip size.

Bug
Employee Wise Attendance Slip

29 May 2014
To correct OTA and OTB Calculation

Bug
Bonus Calculation on FNF Individual

29 May 2014
To Correct the issue in bonus calculation when We calculate bonus on FNF individual form & Salary not processed in first month of new financial year.

Bug
Reimbursement Process

29 May 2014
Earlier, messages were shown in incorrect color. Now, this bug has been resolved.

Bug
Create-Update Reimbursement Cover Letter

29 May 2014
In Create-Update Reimbursement Cover Letter, design issues are solved, show message in Pop-Up and add please wait on every event.

Bug
Time Sheet Report

29 May 2014
In Man Hours Report, Show Hours in 00:00 Format instead of showing Hours in 00.00 Format.

Bug
Company News

29 May 2014
In Company News, design issues on multiple browser are solved.

Bug
Absentee and Presentee Report

29 May 2014
Add print date on report with date and time.

New
Reports àMonthly Reports(Salary, Variance)... àSalary Variance àSalary Variance for multiple months

29 May 2014
Record not display on report when generate previous year variance report. This has been resolved.

Bug
Employee àBank Ac/No and Paymode of Employee à Import Employee Bank Ac/No

29 May 2014
When import employee Bank account then display runtime error. This has been resolved.

Bug
Form 16
29 May 2014
1.     Now user can send form – 16 in mail to employees with Password Protected or Without Password.
2.     Option for select Previous Employer details show in Form-16 with Details and declaration or only Details.
3.     Show the Total Gross Salary – Section 10 Exemption in Form 12 BA.

New
Leave- Attendance àAttendance report (Punch time attendance)à Monthly Attendance report

29 May 2014
Added Total Overtime amount field on Attendance register with punch time details (after attendance process) report.

New
Salary Process
29 May 2014
Salary Process mid-month increment and calculate at run time not process correctly.
Bug
Taxation
29 May 2014
Add a validation for Edit and Import Tax to Tax Process is mandatory for tax changes.

Now user can’t change the Tax Setting Flag “Deduct TDS in higher slab (if PAN not available)” this flag automatically checked by default.

Hold employee tax not reflected in the release month if employee is hold in previous month and tax deposited in tax deduction month.

New
Salary Slip
30 Apr 2014
Add a new report of "Salary Slip with Tax and Miscellaneous Details" at Salary Slip and Register (Various Formats) and at ESS in HTML and Pdf.
New
Import OT
30 Apr 2014
Earlier there was an error on Import OT while importing OT Days instead of OT Hours. Now, this issue has been resolved.
Bug
Attendance
30 Apr 2014
Correct the Deduct  weeklyOff Days, Eariler WeeklyOff Deduction is working worng, it does not deduct weeklyOff from paid days.
Bug
FBP Request
23 Apr 2014
Display only active payheads on Grid.
Bug
PF Challan

23 Apr 2014
When Save Pf Challan then display runtime error. This has been resolved.
Bug
Asset Issue Return
23 Apr 2014
When login with user and edit issued assets then it gives runtime error on form. This has been resolved.
Bug
Approve Employee Changes
23 Apr 2014
When Approve employee changes then it gives runtime error. This has been resolved.

Bug
Email salary slips
23 Apr 2014
Added a new option for delete Email contents.
New
Asset Issue return
23 Apr 2014
Added a new option for save Assets image.
New
Asset Issue- return Report
23 Apr 2014
Now Added Uploaded assets photo on report.
New
Online Attendance Module

23 Apr 2014
Employee is not able to mark his/her attendance as salary is processed for some of the employees in company. Issue resolved, now restriction is based on employee instead of company.

Bug
Attendance Capture

23 Apr 2014
Resolve the bug in Punch Capture Scheduler, previously data gets pushed in the WebPay database in wrong sequence in case of same time employee ENTER and EXIT in the machine.
This cause the Attendance Break-Time report to publish wrongly. Issue Resolved.

Bug
Time Sheet Online Project Module

23 Apr 2014
Resolve issue of "Time Sheet Online Project" related to module functionality, messaging, form design layout and report.

Bug
Financial Year Creation
23 Apr 2014
Some new fields are added to store the Tax Relief of 2000/-.

New
ETDS
23 Apr 2014
1. In the 4th Quarter text file Prof. Tax of previous employer not added.
 2. Add the marginal tax in the 4th Quarter Tax Calculation.
 3. Add the calculation of PAN not available / Invalid in 4th Quarter tax calculation.

Bug
Fortnight Salary Slip

23 Apr 2014
Resolve bug on 2nd fortnight salary calculation when processed of mid month salary with deduction type payheads.

Bug
360 Appraisal Report

23 Apr 2014
Earlier, if Appraisal Description's length is greater than 20 than runtime error comes on Appraisal Reports. Now, this issue has been resolved.

Bug
Import Monthly Attendance

02 Apr 2014
Resolve bug when leave not created in current leave year.

Bug
Monthly Final Register

02 Apr 2014
Earlier, if Basic Paycode is not assigned to employee then Incorrect data shows on Register. Now, this issue has been resolved.

Bug
ESI Declaration Report

02 Apr 2014
ESI Declaration Report does not work properly in chrome browser, because here some Hindi font are used which does not printed properly. This has been resolved

Bug
Employee Rent Details         
02 Apr 2014
Add Rent Paid Limit to ensure PAN availability of Landlord on import rent monthly and annually

On Import Monthly Rent: If in excel sheet employee code not valid then not given proper message to user  now this problem resolved.

On Import Annually Rent : If in excel sheet employee code not valid then not given proper message to user and rent paid amount blank in excel sheet then give run time  now this problem resolved

Bug