Recently Released PY-IN Notes V.3 : 2148072 - HINCF160: Income Tax Rounding - CBDT Notice 17/2014 / 2139208 - Union Budget Changes - 2015 / 2105913 - Issue in IT0582 dependant details checkbox via PA20 transaction

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Tax Circular no 17/2014 dated 10 December 2014 has been released by CBDT with clarity on rounding of taxable income and income tax.

"Employer is advised to quote Total Taxable Income in Annexure II without rounding-off and TDS should be deducted and reported accordingly i.e. without rounding-off of TDS also" - page 9.

The provisions of rounding of taxable income and income tax components are provided under an existing constant 'TAXRO' in the table V_T511K with values '0','1','2' and '3'.

In Form 16 report HINCF160 (TCode: PC00_M40_F16), the value of the wage type /450 (Tax payable and surcharge) is exclusively rounded to nearest INR.1. This rounding of wage type /450 is now provided under the switch 'TAXRO'.

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This Note delivers the changes related to the Union Budget for 2015, as announced through Note 2137336.

This note includes PDF document about manual changes

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You have a record in Exemptions infotype (IT0582) for any of the subtypes, where in exemption has been taken for the dependent.

When you access the same record in PA20 transaction via Overview and then next display of the record, then the dependent's checkbox is coming blank.

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The Government has launched a new deposit scheme – Sukanya Samriddhi for minor girl child. This is a savings scheme which can be opened by the natural (biological) or legal guardian of the girl child aged below 10 years. The maximum limit of exemption is 1,50,000 INR.

However, Government has given a buffer time of 1 year if your child turned 10 within a year before the announcement. This means that if the girl child turned 10 anytime between December 2013 and December 2014, you can open such an account in her name.

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Here I am modifying one of my previous document and would like to update the recent notes from now onwards.

The data provided above is from Notes published by SAP to users, the purpose of this document is to give the latest updates to those users who doesn't have access to https://websmp106.sap-ag.de/support.

For Older version please use the below links

Recently Released PY-IN Notes

Recently Released PY-IN Notes V.2