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Welcome to our Online Payroll Software Blog

Online Payroll-HRMS is an ideal system which helps to manage the employee and other organizational details of the organization. This system binds entire journey of the organization and its employee in an efficient way. Payroll Software system is simple and effective that provides employer every details.

The purpose of this document is to identify, analyze and define the needs of the features and functionalists in every level of Online Payroll System. The document highlights the features present in the system and upcoming features in the system. This document will freeze the modules of Payroll-HRMS System to be implemented. sales@payrollsoftware.co.in

Saturday, 12 July 2014

Personal income tax exemption limit F.Y. 2014-15 as per union budget 2014 :-www.payrollsoftware.co.in


New IT Personal income tax exemption limit- 2014 -15


01. Personal income tax exemption limit is being raised from Rs. 2 lakh to Rs. 2.5 lakh and For senior citizens, the exemption limit will be Rs. 3 lakh.
  More details - visit - http://payrollsoftware.co.in 
 
Details Chart are as under:-
ASSESSMENT YEAR 2015-16 RELEVANT TO FINANCIAL YEAR 2014-15
1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
Tax Rates
Total income up to Rs. 2.5 Lac 0% Tax
Total income above Rs. 2.5 Lac and below Rs.5 Lac 10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac 20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac 30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

2. Tax Slab for an Individual (resident & above 60 years but below 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 3.00 Lac
0% Tax
Total income above Rs. 3.00 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 3.00 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000

3. Tax Slab for an Individual (resident & above 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
EDUCATION CESS
Education Cess of 3% on Income-tax

Thursday, 23 January 2014

Reimbursement Module

Allowance/Deduction Master

We can get reimbursement type by clicking on allowance type “Reimbursement” as per below screen shot.