Payroll and Compliance - The Monthly Chronicle
June 2018
June 2018
As we approach 31 July 2018, we have our Form 16 and are ready to file our Income Tax returns. But we’re also not completely sure of the details of filing our returns. Sounds familiar?
ADP is happy to present a webinar on Top Tips for Filing your Income Tax Returns. In this webinar, we will discuss Form 16, Form 26AS, which Return to choose for filing, the Dos and Don’ts for filing IT returns, and more.
Please register here for this webinar.
Date : 27 June 2018 (Wednesday)
Time: 3pm to 3:45pm
Administration charges under the Provident Fund scheme have been amended to 0.5% (the earlier rate was 0.65%).
The above 0.5% rate is subject to a minimum of ₹ 75/- per month for every non-functional establishment having no contributory member, and ₹500/- per month per establishment for any other establishments.
The said changes are applicable to salaries pertaining to the wage month effective from 1 June 2018.
Thus, the standing contribution rates under the Provident Fund schemes are:
Scheme Name | Employee contribution | Employer contribution |
Employee Provident Fund (A/C 1) | 12% | 3.67% |
Employees’ Pension Scheme (A/C 10) | 0 | 8.33% |
Employees’ Deposit-linked Insurance (A/C 21) | 0 | 0.50% |
EPF Administrative Charges (A/C 2) | 0 | 0.50% (min ₹ 75 or ₹ 500, as the case may be) |
Total | 12% | 13.00% |
The Individual Income Tax Return due date for filing for FY 2017-18 is 31 July 2018. The updated forms are released and we all can start filing the points. But before filing, let us take you through the many changes that have been made in the form for the year.
There are over 25 changes in the current year Income Tax Return (ITR) forms this year across all the forms meant for individuals, businesses and other assessees. But we will only talk about the details and changes made in ITR 1. A few important changes made in ITR are as follows:
Chennai City Corporation has increased the half-yearly Professional Tax rates as follows:
Salary Range (in ₹) | Old rates up to 31 March 2018 (in ₹) | New rates from 1 April 2018 (in ₹) |
Up to 21,000 | 0 | 0 |
21,001 - 30,000 | 100 | 135 |
30,001 - 45,000 | 235 | 315 |
45,001 - 60,000 | 510 | 690 |
60,001 - 75,000 | 760 | 1025 |
75,001 and above | 1095 | 1250 |
S. No | Professional Tax applicable Salary Range Per Month | Professional Tax Rate Per Month |
1 | Up to ₹ 14,999 | Nil |
2 | ₹ 15,000 and above | ₹ 208 (April to Feb) &₹212 in March |
S. No | Professional Tax applicable Salary Range Per Month | Professional Tax Rate Per Month |
1 | Up to ₹ 18,749 | Nil |
2 | From ₹18,750 to ₹25,000 | ₹125 (April to March) |
3 | From ₹25,001 to ₹33,333 | ₹167 (April to Feb) & ₹163 in March |
4 | ₹33,334 and above | ₹208 (April to Feb) & ₹212 in March |
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Due date | Nature of transaction | Existing rules | Mode |
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10th June 18 | Andhra Pradesh & Madhya Pradesh | State-wise regulations | By Challan |
15th June 18 | Gujarat | Gujarat PT regulations | By Challan |
20th June 18 | Karnataka | Karnataka PT regulations | By Challan & Online |
21st June 18 | West Bengal | West Bengal PT regulations | By Challan |
30st June 18 | Assam & Orissa | State-wise regulations | By Challan |
30st June 18 | Maharashtra | Maharashtra PT regulations | Online |
PF Central | |||
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15th June 18 | Remittance of Contribution | EPF & MP Act, 1952 | Online |
ESI Central | |||
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15th June 18 | Remittance of Contribution (Main code and Sub codes) | ESIC Act, 1948 | Online |
TDS | |||
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7th June 18 | TDS Payment for May 18 | Income Tax Act, 1961 | Online |
15th June 18 | Form 16 | Income Tax Act, 1961 | Online |
Labour Welfare Fund Remittances | |||
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5th June 18 | Kerala (Labour Welfare Fund Act) | Kerala State Labour Welfare Fund | Offline |
Sources: Government Notifications, Circulars, Press releases.
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