on 07-10-2014 9:06 AM
Dear Gurus,
1. When will SAP Realease the new Budget Income Tax slabs Patchess?
2. Is the tax slabs are applecable from Aprial or from july?
3. If it is from April then how will system adjust the tax of the employees in retro run?
and any once can you please share the new changess..
Thanks & Regards,
Sajid Ali Khan,
Hi Sajid,
SAP will release note by 25th of July 2014. For more information refer note: 2041635 - Union Budget 2014-15.
Regards
Ratan
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Hi Sajid,
Please go ahead and do manual entries as given in the note.
The system will calculate retro from april. The changes are effective from April.
Undersection 24 is not working please let me know if you face same issue or resolved
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Hi Priya ,
Section 24 deduction works perfectly for me . Its clearly stated in the budget note released to get your system upgraded to N-1 patch level.
We are currently working on SAP 604 sp76(upgraded from 64-76) , and EA-HR patches updated to 55..
Please ask your basis consultant to check the levels and upgrade accordingly .
The manual changes given in the budget note are working correctly.
regards
sandhya
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Hello,
Kindly check SAP Note; 2041635.
With Regards,
Chetan Gaikwad
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Dear Sajid,
1. Union budget has announced it today and it will take few days for SAP to release the notes for this.
2. Union budget has announced it for fiscal year 2014-2015, so it will be effective from April.
3. The configuration of slabs needs to be changed effective April and the system will automatically calculate the retro for the previous period.
Updated slabs -
For the Fiscal year 2014-15, Individuals below the age of 60 years the new Income tax slab is Rs 2, 50, 000 while for seniors citizens the new slab is Rs 3, 00, 000 from existing Rs 2.5 lakh.
As per the new Income Tax slabs, Individuals will have to pay taxes above the income of Rs 2.5 lakh for individuals below the age of 60 years and Rs 3 lakh for senior citizens. At least Rs 5150 will be saved by an individual after the raise in exemption limit.
Income Range | General (non-senior citizens) Category | Women Below 60 years of age | Citizen above 60 years of age | |
Rs 2.5 Lakh | Nil | Nil | Nil | |
Rs 2, 50001-Rs 3, 00, 000 | 10% | 10% | Nil | |
Rs. 2,50,001 to Rs. 5,00,000 | 10% | 10% | 10% | |
Rs. 5,00,001 to Rs. 10,00,000 | 20% | 20% | 20% | |
Above Rs. 10,00,000 | 30% | 30% | 30% |
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