Monday, 28 July 2014

SAP Notes for Income Tax slab rates updation for Indian - Payroll


HI To All, 

Please find the below SAP Note No's for Income Tax slab rate changes effective from 01.04.2014 of indian payroll .

Changes in In come Tax Slabs - 2014 - 2015 

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
 No changes to Surcharge and Tax Credit. These continue as before
 These changes are effective from April 2014

SAP Notes :
1) 2041635

2.) 2041819
3. )2044885 

Apart from this manual corrections are required to do . Please find the below table changes . 

V_T7INT1  : -  Slab Code For Taxation 



1. Changes for New Tax Slabs and Surcharge
(A) Changes in View V_T7INT1
Step 1 : Go to the transaction SM30. Enter the view name as V_T7INT1 and select ‘Maintain’ button
Step 2: Click on the button ‘New Entries‘
Step 3: Maintain the below four new entries as shown below.
Slab code
Slab type
From
To
SL31
Income tax rates for men
01.04.2014
31.12.9999
SL32
Income tax rates for women
01.04.2014
31.12.9999
SL33
Income tax rates for senior citizens
01.04.2014
31.12.9999
SL34
Income tax rates for very senior citizens
01.04.2014
31.12.9999

And save these entries.



Step 4: Also limit the entries of the Slab codes SL27, SL28, SL29 and SL30 till 31.03.2014 as shown below
(B) Changes in View V_T7INT3
Step 1 : Go to the transaction SM30. Enter the view name as V_T7INT3 and select maintain button (as shown below)



Step 2: Click on the button ‘New Entries‘
Step 3: Maintain the new entries for the 4 new tax slabs as shown below
Slab code
TaxBkt
Slab range
Return value
Currency
SL31
01
250000
0
INR
SL31
02
500000
10
INR
SL31
03
1000000
20
INR
SL31
04
9999999999
30
INR
SL32
01
250000
0
INR
SL32
02
500000
10
INR
SL32
03
1000000
20
INR
SL32
04
9999999999
30
INR
SL33
01
300000
0
INR
SL33
02
500000
10
INR
SL33
03
1000000
20
INR
SL33
04
9999999999
30
INR
SL34
01
500000
0
INR
SL34
02
1000000
20
INR
SL34
03
9999999999
30
INR


03
999999999
30
INR



And save the same


2. Surcharge
(A) Changes in View V_T7INT1
Step 1 : Go to the transaction SM30. Enter the view name as V_T7INT1 and select ‘Maintain’ button
Step 2: Select the entry ‘SR03’ and click on the “Copy” button as shown below
Step 3: Now extend the “To” date (End date) of Surcharge Rates Tax Slab (SR03) till 31.12.9999 as shown below.
Step 4 : Press enter and save the entry.


(B) Changes in View T596F
Step 1 : Go to the transaction SM30. Enter the view name as T596F and select maintain button (as shown below).
Step 2 : Select the Entry ‘40INSRC’ and click on ‘Copy’ as shown below
Step 3 : In the New Entry change the ‘End Date’ as ’31.12.9999’
Step 4 : Save your changes.
Step 5 : Final entry in table would appear as below


3. Changes for Interest on Loan limit
(A) Changes in View V_T511P
Step 1 : Go to the transaction SM30. Enter the view name as V_T511P and select maintain button (as shown below). Provide Country Grouping as ‘40’ & Press ‘Enter
Step 2: Click on new entries
Step 2: Create new constant namely ‘LNS05’
Constant
Payroll Constant
From
To
Amount
Crcy
LNS05
Section-24 deduction
01.04.2014
31.12.9999
200000
INR

Step 3: Save the entry.


4. Changes for Section 80c limit
(A) Changes in table view V_T7INI7.
Step 1: Execute transaction ‘SM30’. Enter the view name as ‘V_T7INI7’ and select maintain button (as shown below).
Step 2: Select subsection ‘15’ & Click on the button ‘Delimit’ as shown below
Step 3: In the pop up for validity limit, provide start date as ‘01.04.2014’ as shown below.


Step 4: Change the amount from 100000 to 150000 & press enter. Save the entry.
5. Changes for PPF Limit
(A) Changes in table view V_T7INI4.
Step 1: Execute transaction ‘SM30’. Enter the view name as ‘V_T7INI4’ and select maintain button (as shown below).
Step 2: Select Investment code ‘7’ Category ‘01’& Click on the button ‘Delimit’ as shown below


Step 3: In the pop up for validity limit, provide start date as ‘01.04.2014’ as shown below.
Step 4: Change the amount from 100000 to 150000 & press enter. Save the entry.



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