thanx mr aggarwal ji..... for rply can u tell me how can i mantain worker salary refgister and what form no register use for attendence & which form use in accidental case & wat others formalites
From India, Chandigarh
From India, Chandigarh
thanx mr aggarwal ji..... for rply
can u tell me how can i mantain worker salary refgister and what form no register use for attendence
& which form use in accidental case & wat others formalites
vikram............
From India, Chandigarh
can u tell me how can i mantain worker salary refgister and what form no register use for attendence
& which form use in accidental case & wat others formalites
vikram............
From India, Chandigarh
Dear Vikram ji,
LTA means Leave Travel Allowance or Leave Travel Assistance. If it is allowance given through salary, it is taxable irrespective of expenditure incurred as it is an allowance and under income tax act, only those allowances will get expemption as specifically mentioned in the Act whereas if it LTA is in the form of assistance / concession, an employee is entitled to exemption under section 10(5) of Income Tax Act in respect of the value of travel concession or assistance received by or due to him from his present or former employer for himself and his family, in connection with his proceeding :-
a) on leave to any place in India
b) to any place in India after retirement from service or after the termination of his service.
The exemption shall be allowed subject to the following:-
(i) Where journey is performed by air --- Maxim exemption shall be an amount not exceeding the air economy fare of the national carrier
the shortest route to the place of destination;
(ii) Where place of origin of journey and destination are connected by rail and the journey is performed by any mode of transport other
than by air -----Maxim amount shall be an amount not exceeding the air-conditi9ned first class rail fare by the shortest route to the
place of destination; and
(iii) Where the places of origin of journey and destinatiion or part thereof are not connected by rail and the Journey is performed between
such places-----The amount eligible for exemption shall be :-
(A) Where a recognised public transport system exists, an amount not exceeding the ist class or deluxe class fare, as the case may
be, on such transport by the shortest route to the place of destination; and
(B) Where no recognised public transport system exists, an amount eqquivalent to the air-conditioned first class rail fare, for the
distance of the journey by the shortest route, as if the journey had been performed by rail.
-->> EXEMPTION WILL IN NO CASE EXCEED ACTUAL EXPENDITURE INCURRED ON THE PERFORMANCE OF JOURNEY.
--->> EXEMPTION CAN BE CLAIMED IN RESPECT OF ANY TWO JOURNEY IN A BLOCK OF 4 YEARS ( PRESENT BLOCK IS 2010-2013)
--->> EXEMPTION SHALL NOT BE AVAILABLE TO MORE THAN TWO SURVIVING CHILDREN OF AN INDIVIDUAL AFTER 01-10-1998
--->> EXEMPTION IS ALLOWED ONLY IN RESPECT OF FARE. Expenses incurred on prterage, conveyance from residence to the railway
station/ air port/ bus stand and bakc, boarding and lodging or expenses during the journey will not qualify for exemption.
GRATUITY:->>>
Gratuity is a payament made by the employer to an employee in appreciation of the past service rendered by the employee. It can either be received by :- (a) the employee himself at the time of retirement/ resignation; or
(b) the legal heir on the event of of the death of the emplouyee.
Gratuity reeceived on retirement/ resignation is taxable under the head " Salary" whereas received by the legal heir of the deceased employee is also taxable under the head "Income From Other Sources". In both the cases, the gratuity is exempt upto a certain limit under section 10 (10) of the Income Tax Act.
Sec 10(10)(i) deals with the gratutiy amount paid to the govt / local authority employees
Sec 10(10(ii) deals with the exemption amount of gratuity paid under the payment of Gratuity Act 1972 and
Sec 10(10)(ii) deals with the other cases
The Maxim Exemption amount is Rs3.50 Lakhs which has been increased to Rs 10.00 Lakhs w.e.f. 24.05.2010
Thanks
YCB
From India, Delhi
LTA means Leave Travel Allowance or Leave Travel Assistance. If it is allowance given through salary, it is taxable irrespective of expenditure incurred as it is an allowance and under income tax act, only those allowances will get expemption as specifically mentioned in the Act whereas if it LTA is in the form of assistance / concession, an employee is entitled to exemption under section 10(5) of Income Tax Act in respect of the value of travel concession or assistance received by or due to him from his present or former employer for himself and his family, in connection with his proceeding :-
a) on leave to any place in India
b) to any place in India after retirement from service or after the termination of his service.
The exemption shall be allowed subject to the following:-
(i) Where journey is performed by air --- Maxim exemption shall be an amount not exceeding the air economy fare of the national carrier
the shortest route to the place of destination;
(ii) Where place of origin of journey and destination are connected by rail and the journey is performed by any mode of transport other
than by air -----Maxim amount shall be an amount not exceeding the air-conditi9ned first class rail fare by the shortest route to the
place of destination; and
(iii) Where the places of origin of journey and destinatiion or part thereof are not connected by rail and the Journey is performed between
such places-----The amount eligible for exemption shall be :-
(A) Where a recognised public transport system exists, an amount not exceeding the ist class or deluxe class fare, as the case may
be, on such transport by the shortest route to the place of destination; and
(B) Where no recognised public transport system exists, an amount eqquivalent to the air-conditioned first class rail fare, for the
distance of the journey by the shortest route, as if the journey had been performed by rail.
-->> EXEMPTION WILL IN NO CASE EXCEED ACTUAL EXPENDITURE INCURRED ON THE PERFORMANCE OF JOURNEY.
--->> EXEMPTION CAN BE CLAIMED IN RESPECT OF ANY TWO JOURNEY IN A BLOCK OF 4 YEARS ( PRESENT BLOCK IS 2010-2013)
--->> EXEMPTION SHALL NOT BE AVAILABLE TO MORE THAN TWO SURVIVING CHILDREN OF AN INDIVIDUAL AFTER 01-10-1998
--->> EXEMPTION IS ALLOWED ONLY IN RESPECT OF FARE. Expenses incurred on prterage, conveyance from residence to the railway
station/ air port/ bus stand and bakc, boarding and lodging or expenses during the journey will not qualify for exemption.
GRATUITY:->>>
Gratuity is a payament made by the employer to an employee in appreciation of the past service rendered by the employee. It can either be received by :- (a) the employee himself at the time of retirement/ resignation; or
(b) the legal heir on the event of of the death of the emplouyee.
Gratuity reeceived on retirement/ resignation is taxable under the head " Salary" whereas received by the legal heir of the deceased employee is also taxable under the head "Income From Other Sources". In both the cases, the gratuity is exempt upto a certain limit under section 10 (10) of the Income Tax Act.
Sec 10(10)(i) deals with the gratutiy amount paid to the govt / local authority employees
Sec 10(10(ii) deals with the exemption amount of gratuity paid under the payment of Gratuity Act 1972 and
Sec 10(10)(ii) deals with the other cases
The Maxim Exemption amount is Rs3.50 Lakhs which has been increased to Rs 10.00 Lakhs w.e.f. 24.05.2010
Thanks
YCB
From India, Delhi
Dear Shri Vikram Ji,
If salary bills of your firm are computerised, you can easily maintain record of the salary paid to your employees for the financial year which will also help you work out income tax and deduct it source and remit directly to the IT Department. It is the first and foremost liability of the employer to deduct and remit the income tax. If your salary bills are being prepared manually, please do think of buying suitable softwares for their computerisation or asking your computer department to make it available to your accounts section. They will then maintain salary control register and also do other functions such as computation of income tax, remittance of income tax to IT department, issue of form 16 to the employees etc.
If your firm is new, you may initially depend upon attendence registers available in the market and gradually your HR will move to maintain leave accounts of individual employees based on the attendence registers. Attendence registers must be carefully checked by the supervisors at regular intervals.
For accidental cases, please check up whether your firm is covered under Employees State Insurance. If yes, get it registered. Also study Employees Compensation Act, 2010 which is new edition of former Workman's Compensation Act, 1923.
Thanks and regards
From India, Pune
22If salary bills of your firm are computerised, you can easily maintain record of the salary paid to your employees for the financial year which will also help you work out income tax and deduct it source and remit directly to the IT Department. It is the first and foremost liability of the employer to deduct and remit the income tax. If your salary bills are being prepared manually, please do think of buying suitable softwares for their computerisation or asking your computer department to make it available to your accounts section. They will then maintain salary control register and also do other functions such as computation of income tax, remittance of income tax to IT department, issue of form 16 to the employees etc.
If your firm is new, you may initially depend upon attendence registers available in the market and gradually your HR will move to maintain leave accounts of individual employees based on the attendence registers. Attendence registers must be carefully checked by the supervisors at regular intervals.
For accidental cases, please check up whether your firm is covered under Employees State Insurance. If yes, get it registered. Also study Employees Compensation Act, 2010 which is new edition of former Workman's Compensation Act, 1923.
Thanks and regards
From India, Pune
thanx.........Mr Y C Bahrdwaj & Mr Shyam Aggarwal for your reply....
can u plz tell me how can i take permission from govt to deduct pf for employe of our compny...
what is the whole process. plz give me detail
vikram.................
From India, Chandigarh
can u plz tell me how can i take permission from govt to deduct pf for employe of our compny...
what is the whole process. plz give me detail
vikram.................
From India, Chandigarh
Dear Vikram Ji,
Please visit the website of EFPO and read the instructions about PF and EPS 1995. Then contact the local EPFO office or office in whose jurisdiction your firm is situated. Their enforcement squad will visit your firm and guide your HR about admission procedure. You may search EPFO on Google and visit the site. You will find in it the concerned EPFO office with whom you have to deal with.
From India, Pune
Please visit the website of EFPO and read the instructions about PF and EPS 1995. Then contact the local EPFO office or office in whose jurisdiction your firm is situated. Their enforcement squad will visit your firm and guide your HR about admission procedure. You may search EPFO on Google and visit the site. You will find in it the concerned EPFO office with whom you have to deal with.
From India, Pune
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FORM-F-NOMINATI ON OF GRATUITY.pdf
Gratuity Form I.doc