Wednesday Mar 06, 2013

Legislative Updates for PeopleSoft HCM Global Payroll UK - RTI

Real Time Information for 13 - 14 Fiscal

HMRC have announced changes to some of the requirements for submissions from April 2013 and had published new versions of certain MIGs.  These updates has been integrated into the PeopleSoft application as part of RTI 13-14 MIG Specifications for various file generation like EAS, FPS, EPS and NVREQ. All PeopleSoft GP UK customers will be required to comply with the legislation changes and complete migration to Real Time Information by October 2013 as stipulated by HMRC. PeopleSoft GP UK provides these legislative changes to allow customers to start the migration process and for those customers chosen, take part in the pilot phase of the HMRC project.  Real Time Information will ultimately replace the End Of Year and In-Year Filing processes that currently exist and all employers in UK will be legally bound to be compliant by date specified of October 2013. Each year HMRC would publish changes required to the RTI process and this year is no different. This whitepaper outlines all the changes that have been introduced by HMRC for the tax year 2013-14 & how it has been incorporated in our PeopleSoft Global Payroll for UK. 

For detailed information please download our white paper published on My Oracle Support, Document ID 1534036.1."

Legislative Update for PeopleSoft HCM Global Payroll India

Changes in Individual Income Tax Computation The Finance Minister has announced the Budget on Feb 28th, 2013 for the FY 2013-14 which is effective April 1, 2013. Key Highlights from the Budget 2013 - There is no change in the Personal Tax Slabs/Rates this year. However a Surcharge of 10% has been introduced for Income above 1 Crore. A rebate / Tax Credit on the Tax payable has been introduced in case of certain individuals. Section 80CCG and 80C have been amended with some relaxation in the prerequisite conditions. An additional benefit for deduction in respect of Interest on Housing Loan (Section 80EE) has been introduced for Loans taken in FY 2013-14. Our Position Statement has been revised to include these legislative updates and the delivery timelines for the respective changes. We advise customers to review the position statement to keep up-to-date. The Position Statement can be found on  My Oracle Support, Document ID 1532190.1.
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This blog is dedicated to topics focused on legislative updates to PeopleSoft Applications including Human Capital Management and Financials.

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