Blogs tagged incometax

Hi, As of now, to claim tax benefits or rebate, an employee has to just mention the sum claimed under exempt allowances. But with effective from 1st June, 2016 to claim income tax deductions  you need to submit new Form 12BB to your employer.... Read More »

I’ve recently come across a lot of cases where rounding-off of income-tax related wage types has caused a lot of confusion among people who work on PY-IN solution.  Now, the main problem doesn’t arise from any bugs or errors in the... Read More »

Dear All, As some customers are facing error while executing form 24Q using transaction PC00_M40_F24Q as ” No valid records found for employee/employees selected for this criteria” SAP has released note 2320222 on 20.05.2016 with the... Read More »

Many companies provide accommodation to their employees, which is either rent free or has subsidized rent. Such accommodation is considered a perquisite (commonly known as perk), and is taxed in the hands of the employee. So, what is the value of... Read More »

Hi all, Here in this post i have tried explain the Medical allowance/Reimbursement payment & Exemption process. First of all we need to understand the terms Medical Allowance, Medical Reimbursement & Medical Insurance and their tax... Read More »

Hi, Here in this article you will get to know that Form 10E is mandatory to claim Section 89 Relief, and calculation related to Form 10E in SAP. Tax is calculated on your total income earned or received during the year. If your total income... Read More »

Hi, A query came from so many associates in past few days that client want to give Form 10E to all the employees along with the Form-16. But there is no standard report in SAP to take Form 10E out of the system. Although filling Form 10E is... Read More »

Hi, Sometime you will see unexpected Income Tax calculation for few employees bu standard SAP system. Reason can be different_ one of the reason behind this is income maintained in IT-584 under ” Unspecified income” head. System will... Read More »

hi all, SAP has released note 2287721 for budget 2016 related proposed changes please see the details below_ Symptom Budget 2016-Proposed changes that could affect payroll processing and reporting Other Terms Budget 2016, Announcement Reason... Read More »

Tax computation of off-cycle payment will happen through INBTD Payroll function. So if we want to deduct tax on offcycle payment then we have to configure INBTD accordingly. It is not necessary that system will deduct tax only on bonus, it can be... Read More »