I want The Hon. Finance Minister to consider my suggestion on the above subject. Surcharge @10% of Income tax is levied when taxable income exceeds Rs. 50 lacs and upto 1 crore. Income tax for Rs.50 lacs works out to Rs. 1312500/-.
Most of the establishments consider Basic wages and Dearness Allowance for PF contribution by the employee and the employer, since The EPF Act is in force. (more than 65 years.) The Honorable Supreme Court has given a decision on 28-02-2019 about which allowances are to be included in addition to Basic + DA, in PF wages for contribution […]
Bhadkamkar A V Date: 15-02-2019 Gratuity Act Amendment – Grievance of majority employees. The maximum gratuity payable under The Payment of Gratuity Act and exempted under The Income Tax Act is raised from Rs. 10.00 lacs to Rs.20 lacs from 29-03-2018. Apparently on this decision all employees will rejoice. But as it happens always, the employees drawing fat salaries will only get […]
Section 12(3)(b) – Past service pension for FPF1971 membership depends on salary and no. of years under FPF 1971 with minimum of Rs.80/- for 11 years or less on salary of Rs.2500 or less and maximum of Rs.170/- for 20 years or more for FPF1971 membership on salary of more than Rs.2500/-
