Thursday, February 24, 2011

Confirm investment for tax calculation

1.Export proposed investment and view this sheet, then select radio button of confirmed amount then import this sheet.




2. Import HRA (you can import annual and monthly HRA details)
3. Import other income (interest on house properties, loss of house properties etc)
4. Process salary and go to tax process then select document submitted then process tax.


Blog by: BBSPL

Saturday, February 19, 2011

Managing Previous Employer Taxable Salary in Webpay

Managing Previous Employer Taxable Salary in Webpay

You can enter the previous employer net taxable salary, PT deducted with previous employer, Chap. VIA investments declared with previous employer under 80C (including previous employer PF) and interest paid on hosuing loan declared with previous employer in Webpay.

In Tax calculation in Webpay the Net Taxable salary of previous employer is added and Chap. VIA, PT deducted by previous employer and interest paid on housing loan is also considered. When you generate TDS estimation slip then previous employer details will be shown but these details will not be shown under Form 16.

Blog by BBSPL

Friday, February 18, 2011

What is Superannuation?

Superannuation Fund is a retirement benefit plan for the employees. This is mostly managed by companies like Life Insurance Corporation of India (LIC).

The company contributes 15% of basic earned wage and deposits it to LIC. This is / can be invested by LIC Fund Managers thereafter. Tax is deducted by the companies on superannuation amount on month on month basis. Tax is deducted on annual amount more than 1,00,000.

When the employee retires, he / she can withdraw 1/3rd from the fund. The rest is converted into capital for payment of annuities. The annuity amount varies depending on the age of the employee, his/her fund size, what option the employee is asking for viz. monthly, quarterly, half-yearly or annual payments of annuity.

If the employee resigns, the employee can transfer the amount to the new employer. If the new employer does not have superannuation scheme option then the employee can withdraw the amount and the employee needs to pay taxes. The employee can however may not withdraw and retain till the superannuation age.

If you find any problem in explanation please revert back to support@bbspl.com

Blog by BBSPL