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Legislative Update for PeopleSoft HCM Global Payroll India

Guest Author
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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