This ppt highlights the impact of this budget in Insurance Industry i.e. how the policy owner, Insurer, value added service provider etc. will be impacted by the new budgetary policies.
UK tax implications on Employee Benefits factsheetSimplyhealthUK
This document discusses the various taxation implications of company-paid healthcare in the UK, including:
- Insurance Premium Tax of 6% is included in insurance premiums and cannot be reclaimed.
- Employers pay Class 1A National Insurance Contributions of 13.8% on the cost of employees' healthcare benefits.
- Employees pay income tax on the value of their benefits at their marginal tax rate of 20%, 40%, or 50%.
- Companies can deduct the costs of providing employee benefits from profits for corporation tax purposes.
It provides examples of the tax treatment for private medical insurance and health cash plans.
From April 2011, there will be significant changes to PAYE operation including compensation rates for statutory maternity pay, new tax codes, and the introduction of a D1 tax code. In 2012, PAYE will transition to real-time information reporting where employers must provide a full payroll breakdown each payment period. National insurance thresholds will also increase substantially.
1. The document provides 26 tax-saving tips that are legal under Malaysian tax law. It describes various deductions and exemptions that can reduce taxable income and payments.
2. Some of the key tips include claiming deductions for children's education savings up to RM3,000, filing separate tax returns to claim higher personal reliefs, increasing employer EPF contributions which reduces taxable salary, and getting reimbursed instead of a fixed allowance which makes the amounts non-taxable.
3. The document also recommends tax-savvy investments like buying property under RM250,000 which qualifies for stamp duty exemption, purchasing dividend stocks if above the 26% tax bracket, and grouping similar investment properties to offset
This document outlines 26 tax-saving moves that are legal under Malaysian tax law. Some key moves include claiming tax deductions for children's education savings, filing separate tax returns if married, increasing EPF contributions, and structuring cash allowances as reimbursements. Business owners can save by maintaining proper records, timing asset purchases, hiring family as employees, and writing off bad debts. The document provides details on tax deductions available for many common expenses.
The document analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
The document summarizes proposed changes to service tax in India's Budget 2016. Key points include:
- Introduction of a new 0.5% Krishi Kalyan Cess on all taxable services to fund agricultural initiatives.
- Educational services to be omitted from the Negative List but continue receiving tax exemption.
- Assignment of radio-frequency spectrum and subsequent transfers to be classified as a taxable service.
- Time limit for service tax assessments increased from 18 months to 30 months.
- Interest rates on delayed tax payments to be uniform at 15% except for un deposited service tax (24%).
UK tax implications on Employee Benefits factsheetSimplyhealthUK
This document discusses the various taxation implications of company-paid healthcare in the UK, including:
- Insurance Premium Tax of 6% is included in insurance premiums and cannot be reclaimed.
- Employers pay Class 1A National Insurance Contributions of 13.8% on the cost of employees' healthcare benefits.
- Employees pay income tax on the value of their benefits at their marginal tax rate of 20%, 40%, or 50%.
- Companies can deduct the costs of providing employee benefits from profits for corporation tax purposes.
It provides examples of the tax treatment for private medical insurance and health cash plans.
From April 2011, there will be significant changes to PAYE operation including compensation rates for statutory maternity pay, new tax codes, and the introduction of a D1 tax code. In 2012, PAYE will transition to real-time information reporting where employers must provide a full payroll breakdown each payment period. National insurance thresholds will also increase substantially.
1. The document provides 26 tax-saving tips that are legal under Malaysian tax law. It describes various deductions and exemptions that can reduce taxable income and payments.
2. Some of the key tips include claiming deductions for children's education savings up to RM3,000, filing separate tax returns to claim higher personal reliefs, increasing employer EPF contributions which reduces taxable salary, and getting reimbursed instead of a fixed allowance which makes the amounts non-taxable.
3. The document also recommends tax-savvy investments like buying property under RM250,000 which qualifies for stamp duty exemption, purchasing dividend stocks if above the 26% tax bracket, and grouping similar investment properties to offset
This document outlines 26 tax-saving moves that are legal under Malaysian tax law. Some key moves include claiming tax deductions for children's education savings, filing separate tax returns if married, increasing EPF contributions, and structuring cash allowances as reimbursements. Business owners can save by maintaining proper records, timing asset purchases, hiring family as employees, and writing off bad debts. The document provides details on tax deductions available for many common expenses.
The document analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
The document summarizes proposed changes to service tax in India's Budget 2016. Key points include:
- Introduction of a new 0.5% Krishi Kalyan Cess on all taxable services to fund agricultural initiatives.
- Educational services to be omitted from the Negative List but continue receiving tax exemption.
- Assignment of radio-frequency spectrum and subsequent transfers to be classified as a taxable service.
- Time limit for service tax assessments increased from 18 months to 30 months.
- Interest rates on delayed tax payments to be uniform at 15% except for un deposited service tax (24%).
The document provides an overview of recent global tax trends and their impact on multinational companies' mobility programs. It discusses tax reforms in China that phase out preferential tax treatment for expatriates and introduce new deductible expenses. It also examines the potential social security cost impacts of Brexit for US companies operating in the EU. Additionally, it analyzes a recent Indian Supreme Court ruling that removes the salary cap for social security contributions of "international workers", increasing costs. The document concludes by exploring shifts to shorter assignments and allowance-based approaches in the US post-Tax Cuts and Jobs Act.
This document summarizes key upcoming tax changes and expiring benefits. It outlines potential increases to individual income tax rates and capital gains rates if the Bush tax cuts expire. It also discusses temporary benefits like bonus depreciation and increased section 179 expensing available for 2011. Finally, it provides an overview of the healthcare law's new taxes and requirements for individuals and businesses starting in 2013.
This document provides 7 tax planning strategies for the remainder of 2011:
1. Check tax payments to avoid underpayment penalties
2. Purchase a home to claim mortgage interest and property tax deductions
3. Buy business assets before year-end and claim deductions for equipment, furnishings, and other purchases
4. Set up a qualified retirement plan like a SEP or IRA to claim deductions for contributions
5. Consider converting traditional IRAs to Roth IRAs to pay taxes now and avoid required minimum distributions later
6. Manage billing and expenses to control taxable income between years
7. Review your estate plan given recent changes to estate and gift tax rules
Inside: Year-end tax planning for you and your practice; Eligibility for Medicare bonuses has expanded; Accepting online payments can increase collections
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
The document discusses auto enrolment, a UK government scheme where eligible employees are automatically enrolled into a workplace pension. It requires employers to contribute to employees' pensions, as do employees through deductions from their pay. The scheme aims to boost retirement savings as not enough people were saving for retirement. It will affect all UK businesses by 2018 as it began with large companies in 2012. The document provides information on eligibility, contribution requirements, and responsibilities for employers in setting up a qualifying auto enrolment pension scheme with their employees. It also promotes the services of True Potential Investor, who can help employers comply with auto enrolment requirements through an online system that makes setup and management easy.
This document analyzes the impact of India's proposed Direct Tax Code on money markets. It presents a mathematical model to estimate changes in money supply under the new code. The model considers 4 levels of impact: 1) increased tax compliance from lower compliance costs, 2) higher disposable income from lower tax rates, 3) potential changes in savings patterns due to tax treatment of withdrawals, and 4) effects of equalizing short- and long-term capital gains tax rates. The analysis aims to estimate changes in money supply factors like tax revenue, disposable income, savings rates, and the money multiplier.
Union budget 2014 15 - for the common manAmeet Patel
The Union Budget of India always evokes a great amount of interest. This time, it was even more keenly awaited since it was the 1st Budget of the new Modi government. This presentation contains a few important pointers on how the Budget affects the common man.
Changes proposed in service tax by union budget 2016 17CA Jitendra Panwar
The document discusses changes made to India's service tax law through the Union Budget of 2016-2017. Key changes include:
1) Introduction of a new 0.5% Krishi Kalyan Cess on all taxable services to finance agriculture initiatives.
2) The effective service tax rate is now 15% with the addition of the 0.5% Krishi Kalyan Cess and 0.5% Swachh Bharat Cess.
3) Lottery services provided in accordance with the Lotteries (Regulation) Act are now taxable. Air-conditioned stage carriage transport services are also taxable.
Understand the essentials of pension auto-enrolmentwalescva
This document provides an overview of automatic enrolment pensions in the UK. It discusses employer concerns about costs and compliance, how to prepare for automatic enrolment including determining eligibility and contribution requirements. It also covers topics like communications with employees, opting out processes, and different types of qualifying pension schemes including using NEST. The document aims to help employers understand their obligations and consider options to efficiently fund the pension requirements.
The document provides an analysis of key amendments proposed in the Budget 2013 relating to direct taxes, indirect taxes, and other recommendations. Some key highlights include:
- No change in income tax slabs but rebate up to Rs. 2000 for income up to Rs. 5 lakhs. Surcharge increased for high income individuals and companies.
- Commodities transaction tax of 0.01% introduced on commodity derivative sales.
- Additional tax of 20% introduced on buyback of shares of unlisted companies.
- Investment allowance of 15% introduced for new capital investments over Rs. 100 crores between FY14-15.
- Higher deduction limits for health insurance, equity savings schemes, and interest
ProAktive's approach to Auto Enrolment (pensions).ProAktivePeople
Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
From April 2011, significant changes will be made to the UK's PAYE tax withholding system. A new D1 tax code will apply a 50% tax rate to very high secondary incomes. Real-time reporting of payroll information to HMRC will begin rolling out in 2012. National insurance contribution thresholds will increase substantially and rates will rise slightly. Various pension contribution limits and rules will also be changing in upcoming years. Employers should review systems and software to prepare for these PAYE and reporting changes.
The budget highlights the key economic indicators, new legislations, and major tax proposals. On direct taxes, exemption limits were increased and surcharge rates reduced. Service tax was unchanged at 10% and its scope expanded. Excise duty rates on some items were reduced. Customs duty rates largely remained the same, with exemptions for some agriculture items. The conclusions note concerns around the impact of certain tax changes.
The document discusses payroll preparation, analysis, and management. It defines payroll as a company's list of employees and the total amount of money paid to them, including salaries, wages, bonuses, compensation, benefits, and deductions. Payroll preparation responsibilities vary by company size but are typically handled by the payroll, HR, or finance department. The document outlines different types of salaries and salary components, as well as laws regarding minimum wage, working hours, and holidays in Pakistan. It also defines taxes, outlines taxable vs. exempt salary, and discusses provident funds and their tax exemptions. Finally, it details salary laws under Pakistan's Income Tax Ordinance of 2001 regarding what constitutes taxable salary and the valuation of perquisites
An upate on auto-enrolment (tPR and Pension PlayPen)Henry Tapper
This document summarizes an update from The Pensions Regulator on automatic enrollment. It discusses the progress made with over 1.2 million employers enrolling over 9.6 million employees. It also discusses new employer responsibilities from October 2017, compliance and enforcement efforts including prosecutions, tax relief options, and changes for salary sacrifice arrangements. The presentation was given by Neil Esslemont of The Pensions Regulator at a conference in London.
VGGlobal highlights of finance budget 2013Jatin Gupta
ü The document summarizes key proposals in the Finance Budget 2013-14 related to direct taxes (income tax and wealth tax) and indirect taxes (custom duty, excise duty, and service tax).
ü Some key income tax proposals include introducing a 10% surcharge for high income individuals/entities, increasing the surcharge rate for companies, and providing tax benefits for investments in housing and equity savings schemes.
ü Customs duty rates were increased for certain goods like cars and motorcycles, while reduced for items like agricultural products, metals, and capital goods. Duty structures were also amended for various sectors.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
This document discusses the benefits of funding employee gratuity payments through LIC's New Group Gratuity Scheme. It outlines key provisions of the Payment of Gratuity Act 1972, including eligibility requirements and maximum payout amounts. The advantages of funding gratuity include securing future liabilities, avoiding cash flow issues, and gaining tax benefits. LIC's scheme provides guaranteed returns, liquidity, and life insurance coverage. Employers and employees both receive tax benefits from participating in the funded gratuity plan.
Publication - RSM India Budget 2016 Key AspectsRSM India
We are pleased to enclose herewith our publication viz. 'India Budget 2016 – Key Aspects'which provides a broad overview of the Union Budget 2016-17 presented on 29thFebruary 2016. While we have largely covered direct and indirect tax proposal of the Indian Government for the fiscal year 2016-17, other major policy initiatives having significant impact on the business in general, have been briefly dealt with.
In the midst of an uncertain global economic outlook, India is emerging as the new ‘global economic hotspot’. The Indian economy is estimated to grow at 7.6% in FY 2015-16 and is expected to grow at 7% to 7.75% in FY 2016-17, making it the fastest growing major economy in the world. The Union Budget 2016 is primarily driven with the objective of accelerating investment in infrastructural sector, fiscal consolidation and reducing litigation.
In our budget publication, we have analysed the significant budget proposals and have additionally included the following reference chapters:
• G20 Countries - Comparative Corporate and Personal Tax Rates
• DTAA Rates
• Tax Incentives for Businesses
• Direct Taxes and Service Tax Compliance Calendar
• TDS Chart
We trust you will find the same useful.
Presentation on the Impact of COVID-19 and New Tax Regime on EmployeesTaxmann
Topics Covered in the Presentation:
1. Impact of Covid-19 on Employees
• Tax treatment in case of pay-cuts
• Tax treatment in case of deferment of salary
• Tax treatment of allowances during the lockdown period
• Issues involved in withdrawal from Savings Scheme
• Changes in the rules for contribution to Provident Fund
2.New Tax Regime under Section 115BAC
• Introduction to the new or alternative tax regime
• Tax rates in the new regime
• Comparison between old and new tax regime
• Conditions to opt the tax regime
• Breakeven points
• How to opt for the new tax regime?
• Consequences in case of breach of conditions
• TDS from salary as per new tax regime
The document provides an overview of recent global tax trends and their impact on multinational companies' mobility programs. It discusses tax reforms in China that phase out preferential tax treatment for expatriates and introduce new deductible expenses. It also examines the potential social security cost impacts of Brexit for US companies operating in the EU. Additionally, it analyzes a recent Indian Supreme Court ruling that removes the salary cap for social security contributions of "international workers", increasing costs. The document concludes by exploring shifts to shorter assignments and allowance-based approaches in the US post-Tax Cuts and Jobs Act.
This document summarizes key upcoming tax changes and expiring benefits. It outlines potential increases to individual income tax rates and capital gains rates if the Bush tax cuts expire. It also discusses temporary benefits like bonus depreciation and increased section 179 expensing available for 2011. Finally, it provides an overview of the healthcare law's new taxes and requirements for individuals and businesses starting in 2013.
This document provides 7 tax planning strategies for the remainder of 2011:
1. Check tax payments to avoid underpayment penalties
2. Purchase a home to claim mortgage interest and property tax deductions
3. Buy business assets before year-end and claim deductions for equipment, furnishings, and other purchases
4. Set up a qualified retirement plan like a SEP or IRA to claim deductions for contributions
5. Consider converting traditional IRAs to Roth IRAs to pay taxes now and avoid required minimum distributions later
6. Manage billing and expenses to control taxable income between years
7. Review your estate plan given recent changes to estate and gift tax rules
Inside: Year-end tax planning for you and your practice; Eligibility for Medicare bonuses has expanded; Accepting online payments can increase collections
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
The document discusses auto enrolment, a UK government scheme where eligible employees are automatically enrolled into a workplace pension. It requires employers to contribute to employees' pensions, as do employees through deductions from their pay. The scheme aims to boost retirement savings as not enough people were saving for retirement. It will affect all UK businesses by 2018 as it began with large companies in 2012. The document provides information on eligibility, contribution requirements, and responsibilities for employers in setting up a qualifying auto enrolment pension scheme with their employees. It also promotes the services of True Potential Investor, who can help employers comply with auto enrolment requirements through an online system that makes setup and management easy.
This document analyzes the impact of India's proposed Direct Tax Code on money markets. It presents a mathematical model to estimate changes in money supply under the new code. The model considers 4 levels of impact: 1) increased tax compliance from lower compliance costs, 2) higher disposable income from lower tax rates, 3) potential changes in savings patterns due to tax treatment of withdrawals, and 4) effects of equalizing short- and long-term capital gains tax rates. The analysis aims to estimate changes in money supply factors like tax revenue, disposable income, savings rates, and the money multiplier.
Union budget 2014 15 - for the common manAmeet Patel
The Union Budget of India always evokes a great amount of interest. This time, it was even more keenly awaited since it was the 1st Budget of the new Modi government. This presentation contains a few important pointers on how the Budget affects the common man.
Changes proposed in service tax by union budget 2016 17CA Jitendra Panwar
The document discusses changes made to India's service tax law through the Union Budget of 2016-2017. Key changes include:
1) Introduction of a new 0.5% Krishi Kalyan Cess on all taxable services to finance agriculture initiatives.
2) The effective service tax rate is now 15% with the addition of the 0.5% Krishi Kalyan Cess and 0.5% Swachh Bharat Cess.
3) Lottery services provided in accordance with the Lotteries (Regulation) Act are now taxable. Air-conditioned stage carriage transport services are also taxable.
Understand the essentials of pension auto-enrolmentwalescva
This document provides an overview of automatic enrolment pensions in the UK. It discusses employer concerns about costs and compliance, how to prepare for automatic enrolment including determining eligibility and contribution requirements. It also covers topics like communications with employees, opting out processes, and different types of qualifying pension schemes including using NEST. The document aims to help employers understand their obligations and consider options to efficiently fund the pension requirements.
The document provides an analysis of key amendments proposed in the Budget 2013 relating to direct taxes, indirect taxes, and other recommendations. Some key highlights include:
- No change in income tax slabs but rebate up to Rs. 2000 for income up to Rs. 5 lakhs. Surcharge increased for high income individuals and companies.
- Commodities transaction tax of 0.01% introduced on commodity derivative sales.
- Additional tax of 20% introduced on buyback of shares of unlisted companies.
- Investment allowance of 15% introduced for new capital investments over Rs. 100 crores between FY14-15.
- Higher deduction limits for health insurance, equity savings schemes, and interest
ProAktive's approach to Auto Enrolment (pensions).ProAktivePeople
Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
From April 2011, significant changes will be made to the UK's PAYE tax withholding system. A new D1 tax code will apply a 50% tax rate to very high secondary incomes. Real-time reporting of payroll information to HMRC will begin rolling out in 2012. National insurance contribution thresholds will increase substantially and rates will rise slightly. Various pension contribution limits and rules will also be changing in upcoming years. Employers should review systems and software to prepare for these PAYE and reporting changes.
The budget highlights the key economic indicators, new legislations, and major tax proposals. On direct taxes, exemption limits were increased and surcharge rates reduced. Service tax was unchanged at 10% and its scope expanded. Excise duty rates on some items were reduced. Customs duty rates largely remained the same, with exemptions for some agriculture items. The conclusions note concerns around the impact of certain tax changes.
The document discusses payroll preparation, analysis, and management. It defines payroll as a company's list of employees and the total amount of money paid to them, including salaries, wages, bonuses, compensation, benefits, and deductions. Payroll preparation responsibilities vary by company size but are typically handled by the payroll, HR, or finance department. The document outlines different types of salaries and salary components, as well as laws regarding minimum wage, working hours, and holidays in Pakistan. It also defines taxes, outlines taxable vs. exempt salary, and discusses provident funds and their tax exemptions. Finally, it details salary laws under Pakistan's Income Tax Ordinance of 2001 regarding what constitutes taxable salary and the valuation of perquisites
An upate on auto-enrolment (tPR and Pension PlayPen)Henry Tapper
This document summarizes an update from The Pensions Regulator on automatic enrollment. It discusses the progress made with over 1.2 million employers enrolling over 9.6 million employees. It also discusses new employer responsibilities from October 2017, compliance and enforcement efforts including prosecutions, tax relief options, and changes for salary sacrifice arrangements. The presentation was given by Neil Esslemont of The Pensions Regulator at a conference in London.
VGGlobal highlights of finance budget 2013Jatin Gupta
ü The document summarizes key proposals in the Finance Budget 2013-14 related to direct taxes (income tax and wealth tax) and indirect taxes (custom duty, excise duty, and service tax).
ü Some key income tax proposals include introducing a 10% surcharge for high income individuals/entities, increasing the surcharge rate for companies, and providing tax benefits for investments in housing and equity savings schemes.
ü Customs duty rates were increased for certain goods like cars and motorcycles, while reduced for items like agricultural products, metals, and capital goods. Duty structures were also amended for various sectors.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
This document discusses the benefits of funding employee gratuity payments through LIC's New Group Gratuity Scheme. It outlines key provisions of the Payment of Gratuity Act 1972, including eligibility requirements and maximum payout amounts. The advantages of funding gratuity include securing future liabilities, avoiding cash flow issues, and gaining tax benefits. LIC's scheme provides guaranteed returns, liquidity, and life insurance coverage. Employers and employees both receive tax benefits from participating in the funded gratuity plan.
Publication - RSM India Budget 2016 Key AspectsRSM India
We are pleased to enclose herewith our publication viz. 'India Budget 2016 – Key Aspects'which provides a broad overview of the Union Budget 2016-17 presented on 29thFebruary 2016. While we have largely covered direct and indirect tax proposal of the Indian Government for the fiscal year 2016-17, other major policy initiatives having significant impact on the business in general, have been briefly dealt with.
In the midst of an uncertain global economic outlook, India is emerging as the new ‘global economic hotspot’. The Indian economy is estimated to grow at 7.6% in FY 2015-16 and is expected to grow at 7% to 7.75% in FY 2016-17, making it the fastest growing major economy in the world. The Union Budget 2016 is primarily driven with the objective of accelerating investment in infrastructural sector, fiscal consolidation and reducing litigation.
In our budget publication, we have analysed the significant budget proposals and have additionally included the following reference chapters:
• G20 Countries - Comparative Corporate and Personal Tax Rates
• DTAA Rates
• Tax Incentives for Businesses
• Direct Taxes and Service Tax Compliance Calendar
• TDS Chart
We trust you will find the same useful.
Presentation on the Impact of COVID-19 and New Tax Regime on EmployeesTaxmann
Topics Covered in the Presentation:
1. Impact of Covid-19 on Employees
• Tax treatment in case of pay-cuts
• Tax treatment in case of deferment of salary
• Tax treatment of allowances during the lockdown period
• Issues involved in withdrawal from Savings Scheme
• Changes in the rules for contribution to Provident Fund
2.New Tax Regime under Section 115BAC
• Introduction to the new or alternative tax regime
• Tax rates in the new regime
• Comparison between old and new tax regime
• Conditions to opt the tax regime
• Breakeven points
• How to opt for the new tax regime?
• Consequences in case of breach of conditions
• TDS from salary as per new tax regime
Impact of Modi Budget 2014 on Specific Sectors...
Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
The budget document highlights changes made in the 2015 budget related to taxation. Key points include reducing the corporate tax rate, enacting new laws against black money, increasing penalties for black money holders and evaders, and amending laws like FEMA and the Benami Transactions Act to tackle black money in real estate and allow seizure of foreign assets. It also includes tax proposals related to individuals like increasing deductions for health insurance and medical expenditure. Service tax was increased and new proposals for excise, CENVAT credit and mutual funds were introduced.
The document summarizes key changes in India's Budget 2013-2014 for direct taxes. Some key points include:
1) Income tax rates remain unchanged for companies and individuals but surcharge rates were increased for higher income levels.
2) No change in personal income tax slabs but a Rs. 2000 tax credit for those earning up to Rs. 5 lacs.
3) New deductions for first-time home buyers and life insurance policies for certain medical conditions.
4) General anti-avoidance rules will take effect from 2016-17 to curb abusive tax avoidance.
The budget provides for reductions in corporate tax rates from 30% to 25% over the next four years. It also increases surcharges for those with income over Rs. 1 crore. Tax rates for individuals are largely unchanged, though some deductions have increased marginally. Key deductions include those for health insurance premiums, medical expenditures, pension contributions, and donations to certain funds. The budget aims to boost manufacturing via incentives like additional depreciation and deductions for hiring new employees. It also restores the lower 10% tax rate on royalty and FTS payments received by non-residents from Indian entities.
RSM India publication - India Budget 2015 HighlightsRSM India
This publication offers a broad outline of the highlights of Union Budget 2015. Contains the proposals and amendments as given in the Finance Bill, 2015
This document describes the POWERGRID Employees Defined Contribution Superannuation Benefit (Pension) Scheme and Post Retirement Medical Benefit Scheme. It provides details on:
- Background and applicability of the pension scheme which was restructured from defined benefit to defined contribution in 2004.
- Contribution rates for members at 3% of basic pay plus DA and corporation contribution within 30% of salary after discounts.
- Benefits including annuity purchase at superannuation or death. Resignation benefits depend on joining another CPSE scheme.
- Administration by trustees and individual pension accounts.
- Post Retirement Medical Benefit Scheme eligibility, coverage, and benefits including one-time
The document summarizes key highlights from India's 2010-2011 budget related to indirect taxes, direct taxes, deductions and exemptions, and tax rates. Some key points include:
- Service tax rate remained unchanged at 10% but new services were taxed, while some services were excluded.
- Income tax slabs and exemption limits for individuals remained largely unchanged. Surcharge on personal income tax was removed.
- Corporate tax rate remained at 30% for domestic companies. MAT was increased to 18% and surcharge reduced to 7.5% for companies with income over Rs. 1 Crore.
- Deductions were introduced or increased for infrastructure bonds, health insurance, and research and development expenditures.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
The document summarizes key changes in India's personal and corporate tax codes for 2016. For individuals, the surcharge rate was increased, dividend income over 1 million rupees is now taxable, and tax rebates and deductions for house rent, home loans, and capital gains were increased. Corporate tax rates were reduced for small companies and new manufacturing companies. Presumptive taxation and tax incentives for employment were introduced for small businesses and professionals. A one-time income declaration scheme allows the disclosure of previously undisclosed income by paying tax at 45%. Transfer pricing documentation requirements were expanded.
This document describes the POWERGRID Employees Defined Contribution Superannuation Benefit (Pension) Scheme and Post Retirement Medical Benefit Scheme. It provides details on:
- Background and applicability of the pension scheme which was restructured from defined benefit to defined contribution in 2004.
- Contribution rates for members at 3% of basic pay plus DA and corporation contribution up to 30% of salary.
- Benefits including annuity purchase at superannuation or resignation after 15 years of service.
- Administration of the schemes by trustees from management and employees.
- Accounts maintained for individual members' contributions and corporation contributions.
- Post retirement medical benefit scheme providing indoor and
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
RSM India - Service Tax Regulations In India-An Insight (2013)RSM India
This publication by RSM India group (dated September 2013) intends to provide a broad overview of Service Tax Regulations prevalent in India and primary assistance to those transacting service business in India.
This document summarizes recent changes to Indian labor laws during the COVID-19 lockdown. It outlines that the employee PF contribution rate has been reduced to 10% for May-July 2020 to provide relief to employers. However, this does not apply to government organizations or establishments already eligible for the PMGKY benefit. The document also provides guidelines for the PMGKY scheme, noting it is for organizations with under 100 employees and PF wages below Rs. 15,000 for 90% of employees. Additionally, it mentions announcements regarding ESIC voluntary coverage for small businesses and waived penalties for late annual returns in Maharashtra below Rs. 1 lakh.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
Taxation implications for company paid healthcareSimplyhealthUK
The information given is not intended to constitute tax advice, but is a representation of current legal provisions.
For specific advice on how this affects your company, you should speak to your Tax Advisor or your local HM Revenue and Customs office.
The Microsoft 365 Migration Tutorial For Beginner.pptxoperationspcvita
This presentation will help you understand the power of Microsoft 365. However, we have mentioned every productivity app included in Office 365. Additionally, we have suggested the migration situation related to Office 365 and how we can help you.
You can also read: https://www.systoolsgroup.com/updates/office-365-tenant-to-tenant-migration-step-by-step-complete-guide/
Generating privacy-protected synthetic data using Secludy and MilvusZilliz
During this demo, the founders of Secludy will demonstrate how their system utilizes Milvus to store and manipulate embeddings for generating privacy-protected synthetic data. Their approach not only maintains the confidentiality of the original data but also enhances the utility and scalability of LLMs under privacy constraints. Attendees, including machine learning engineers, data scientists, and data managers, will witness first-hand how Secludy's integration with Milvus empowers organizations to harness the power of LLMs securely and efficiently.
In the realm of cybersecurity, offensive security practices act as a critical shield. By simulating real-world attacks in a controlled environment, these techniques expose vulnerabilities before malicious actors can exploit them. This proactive approach allows manufacturers to identify and fix weaknesses, significantly enhancing system security.
This presentation delves into the development of a system designed to mimic Galileo's Open Service signal using software-defined radio (SDR) technology. We'll begin with a foundational overview of both Global Navigation Satellite Systems (GNSS) and the intricacies of digital signal processing.
The presentation culminates in a live demonstration. We'll showcase the manipulation of Galileo's Open Service pilot signal, simulating an attack on various software and hardware systems. This practical demonstration serves to highlight the potential consequences of unaddressed vulnerabilities, emphasizing the importance of offensive security practices in safeguarding critical infrastructure.
How information systems are built or acquired puts information, which is what they should be about, in a secondary place. Our language adapted accordingly, and we no longer talk about information systems but applications. Applications evolved in a way to break data into diverse fragments, tightly coupled with applications and expensive to integrate. The result is technical debt, which is re-paid by taking even bigger "loans", resulting in an ever-increasing technical debt. Software engineering and procurement practices work in sync with market forces to maintain this trend. This talk demonstrates how natural this situation is. The question is: can something be done to reverse the trend?
Skybuffer SAM4U tool for SAP license adoptionTatiana Kojar
Manage and optimize your license adoption and consumption with SAM4U, an SAP free customer software asset management tool.
SAM4U, an SAP complimentary software asset management tool for customers, delivers a detailed and well-structured overview of license inventory and usage with a user-friendly interface. We offer a hosted, cost-effective, and performance-optimized SAM4U setup in the Skybuffer Cloud environment. You retain ownership of the system and data, while we manage the ABAP 7.58 infrastructure, ensuring fixed Total Cost of Ownership (TCO) and exceptional services through the SAP Fiori interface.
HCL Notes and Domino License Cost Reduction in the World of DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-and-domino-license-cost-reduction-in-the-world-of-dlau/
The introduction of DLAU and the CCB & CCX licensing model caused quite a stir in the HCL community. As a Notes and Domino customer, you may have faced challenges with unexpected user counts and license costs. You probably have questions on how this new licensing approach works and how to benefit from it. Most importantly, you likely have budget constraints and want to save money where possible. Don’t worry, we can help with all of this!
We’ll show you how to fix common misconfigurations that cause higher-than-expected user counts, and how to identify accounts which you can deactivate to save money. There are also frequent patterns that can cause unnecessary cost, like using a person document instead of a mail-in for shared mailboxes. We’ll provide examples and solutions for those as well. And naturally we’ll explain the new licensing model.
Join HCL Ambassador Marc Thomas in this webinar with a special guest appearance from Franz Walder. It will give you the tools and know-how to stay on top of what is going on with Domino licensing. You will be able lower your cost through an optimized configuration and keep it low going forward.
These topics will be covered
- Reducing license cost by finding and fixing misconfigurations and superfluous accounts
- How do CCB and CCX licenses really work?
- Understanding the DLAU tool and how to best utilize it
- Tips for common problem areas, like team mailboxes, functional/test users, etc
- Practical examples and best practices to implement right away
What is an RPA CoE? Session 1 – CoE VisionDianaGray10
In the first session, we will review the organization's vision and how this has an impact on the COE Structure.
Topics covered:
• The role of a steering committee
• How do the organization’s priorities determine CoE Structure?
Speaker:
Chris Bolin, Senior Intelligent Automation Architect Anika Systems
5th LF Energy Power Grid Model Meet-up SlidesDanBrown980551
5th Power Grid Model Meet-up
It is with great pleasure that we extend to you an invitation to the 5th Power Grid Model Meet-up, scheduled for 6th June 2024. This event will adopt a hybrid format, allowing participants to join us either through an online Mircosoft Teams session or in person at TU/e located at Den Dolech 2, Eindhoven, Netherlands. The meet-up will be hosted by Eindhoven University of Technology (TU/e), a research university specializing in engineering science & technology.
Power Grid Model
The global energy transition is placing new and unprecedented demands on Distribution System Operators (DSOs). Alongside upgrades to grid capacity, processes such as digitization, capacity optimization, and congestion management are becoming vital for delivering reliable services.
Power Grid Model is an open source project from Linux Foundation Energy and provides a calculation engine that is increasingly essential for DSOs. It offers a standards-based foundation enabling real-time power systems analysis, simulations of electrical power grids, and sophisticated what-if analysis. In addition, it enables in-depth studies and analysis of the electrical power grid’s behavior and performance. This comprehensive model incorporates essential factors such as power generation capacity, electrical losses, voltage levels, power flows, and system stability.
Power Grid Model is currently being applied in a wide variety of use cases, including grid planning, expansion, reliability, and congestion studies. It can also help in analyzing the impact of renewable energy integration, assessing the effects of disturbances or faults, and developing strategies for grid control and optimization.
What to expect
For the upcoming meetup we are organizing, we have an exciting lineup of activities planned:
-Insightful presentations covering two practical applications of the Power Grid Model.
-An update on the latest advancements in Power Grid -Model technology during the first and second quarters of 2024.
-An interactive brainstorming session to discuss and propose new feature requests.
-An opportunity to connect with fellow Power Grid Model enthusiasts and users.
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfChart Kalyan
A Mix Chart displays historical data of numbers in a graphical or tabular form. The Kalyan Rajdhani Mix Chart specifically shows the results of a sequence of numbers over different periods.
Discover top-tier mobile app development services, offering innovative solutions for iOS and Android. Enhance your business with custom, user-friendly mobile applications.
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
Taking AI to the Next Level in Manufacturing.pdfssuserfac0301
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
4. Increased Service Tax
Revised Service tax – Increased to 12% from 10% previous financial year.
ST Cess Total ST
Current 10% 0.30% 10.30%
Revised 12% 0.36% 12.36%
Policy holders to bear the additional service tax load
New service tax effective from 1st April,2012
What does it mean for Policyholders:
Impact on premium on different types of insurance plans.
Is owning an insurance policy costlier?
What does it mean for Insurance companies: Any Operational challenges ?
Proposal with less money collected before 31st of March,2012
Backdated polices issued after 31st of March,2012
5. Impact of Increased Service Tax
Service Tax loading for different Insurance Plans:
For Endowment and Whole life plans
Composite rate of service tax applied is increased from 1.545% to 3.09% (including cess).
Applicable only in the first year –
Policy owner will pay 50% extra service tax for the same sum assured in the first year.
Subsequent years (Premium Paying term), the rate of service tax is 1.5%.
For Term plans
Service tax of 12.36% will be applicable on the entire premium.
For Unit Linked Plans ( below example on Premium amount allocation)
Application of Service tax on the front end load component of a premium installment
Premium FEL Rate FEL ST Amount
allocated
Current 1000 15% 150 15.45( i.e. 834.55( i.e.1000
150*0.1030) - (150+15.45)
After Budget 1000 15% 150 18.54 ( i.e. 831.46( i.e. 1000
150*0.1236) - (150+18.54)
6. Impact of Increased Service Tax
For Unit Linked Plans
Service tax is applicable on following other cost heads
Mortality charge
Fund management charge
Policy Admin charge.
Lesser amounts available for allocation.
Overall increase in cost of ULIPs policyholders.
For Non-life plans
Service tax of 12.36% will be applicable on entire premium.
Overall increase in cost for policyholders.
7. Operation challenges: What if
Proposal with less money is collected before 31st March 2012 and issued in April:
•
As per the IRDA guide lines, Service tax rate on premium amount should be applied as on the due
date .
•
In this scenario the new rate will be applied and amount that has collected is not sufficient to issue
the policy (assumption diff. in amount is greater than the tolerance limit provided by the Insurer)
•
Insurer has to communicate with the policy holder to get that extra amount due to the increase in
service tax amount.
•
If policy data is already entered in the system ( having old rate set up) then need to perform data
fixation on the data related to financial transaction in future, for these policies.
IRDA :Insurance Regulatory Development Authority
8. Operation challenges: What if
Backdated policy issued after 31st March :
•
Old service tax will be applied as per IRDA guide rule, because policy issue date is before 31st of
March,2012 .
•
Policy will be issued and
•
Data fixation is not required on these policies.
14. Extension in Rashtriya Shashthya Bima Yojona (RSBY)
RSBY Coverage extended to non-BPL(below poverty line) workers from the un-
organised sector.
Exclusions - workers and their families, if covered under the Employees’ State Insurance Scheme,
Central Government Health Scheme etc., are not covered under the expanded RSBY.
16. The role of Value added IT service provider
Value added IT service provider can help insurers implement
Change in the service tax rate,
Set the new rate
Build new functionality
Migration where needed.
Change in the minimum Sum assured limit
Insurer to develop new insurance products.
implement necessary changes the same in Policy administration systems.