Hi,
I am a fresher, currently working as a HR generalist, due to this recent budget announcement 2015 regarding "conveyance allowance revised from Rs.800 to Rs.1600" CTC components readjustment for all employees - Do I need to send a global e-mail to my employees or do I need to reissue the CTC components - readjustment details in a Letter Head separate to all my employees. Please someone guide me on this.... Appreciate your help!!!
Regards
Lovera
From India, Madras
I am a fresher, currently working as a HR generalist, due to this recent budget announcement 2015 regarding "conveyance allowance revised from Rs.800 to Rs.1600" CTC components readjustment for all employees - Do I need to send a global e-mail to my employees or do I need to reissue the CTC components - readjustment details in a Letter Head separate to all my employees. Please someone guide me on this.... Appreciate your help!!!
Regards
Lovera
From India, Madras
Please wait till Union Budget gets passed in the Honble Parliament. After that important formality,then necessary changes can be made.
From India, Pune
3124From India, Pune
Dear Lovera ji,
Whether you are fresher or experienced, being HR generalist, you should be jack of all. You need to read every thing minutely and study it, understand it.
There is no revision in budget in respect to conveyance allowance. Rather, union or state budget can not have this kind of proposal, which HR generalist must aware of it.
Union budget 2015 has increased the tax exemption in Transport allowance to Rs 1600 per month from 800 per month under section 10 of Income Tax Act.
This revision will not have any effect on CTC. You need to understand what is CTC.
From India, Mumbai
Whether you are fresher or experienced, being HR generalist, you should be jack of all. You need to read every thing minutely and study it, understand it.
There is no revision in budget in respect to conveyance allowance. Rather, union or state budget can not have this kind of proposal, which HR generalist must aware of it.
Union budget 2015 has increased the tax exemption in Transport allowance to Rs 1600 per month from 800 per month under section 10 of Income Tax Act.
This revision will not have any effect on CTC. You need to understand what is CTC.
From India, Mumbai
Rule of income Tax or Union budget announcement come into effect. I think you need to only adjust CTC and it will be reflected in Salary Slip. so there is no need to send or intimate each employee individually any thing about it.
From India, Delhi
From India, Delhi
hai member, There is no need of giving separate letter or circular in this regard. Include in the pay is enough.
From India, Visakhapatnam
From India, Visakhapatnam
Dear All,
NOTIFICATION NO.39/2015 [F.NO.142/02/2015-TPL]/SO 1002(E), DATED 13-4-2015
In exercise of the powers conferred by section 295, read with clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
(1) These rules may be called the Income-tax (6th Amendment) Rules, 2015.
(2) They shall come into force on the 1st day of April, 2015.
2. In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table,—
(a) against serial number 10, in the entry under column(4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.800 per month", the letters, figures and words "Rs.1600 per month" shall be substituted;
(b) against serial number 11, in the entry under column (4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.1600 per month", the letters, figures and words "Rs.3200 per month" shall be substituted.
From India, Nasik
NOTIFICATION NO.39/2015 [F.NO.142/02/2015-TPL]/SO 1002(E), DATED 13-4-2015
In exercise of the powers conferred by section 295, read with clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
(1) These rules may be called the Income-tax (6th Amendment) Rules, 2015.
(2) They shall come into force on the 1st day of April, 2015.
2. In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table,—
(a) against serial number 10, in the entry under column(4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.800 per month", the letters, figures and words "Rs.1600 per month" shall be substituted;
(b) against serial number 11, in the entry under column (4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.1600 per month", the letters, figures and words "Rs.3200 per month" shall be substituted.
From India, Nasik
Dear nehe.bhausaheb1607,
Could you please let the forum know what is this serial 11? Members said the revision from 800/- to 1600/-. But this entry says revision from 1600 to 3200.
I appreciated your post giving the notification but It will be more appreciated if you give further input. Learning is possible not only by providing the source. Hope you understand what I mean to say.
From India, Mumbai
Could you please let the forum know what is this serial 11? Members said the revision from 800/- to 1600/-. But this entry says revision from 1600 to 3200.
I appreciated your post giving the notification but It will be more appreciated if you give further input. Learning is possible not only by providing the source. Hope you understand what I mean to say.
From India, Mumbai
The increase in exemption limit from Rs.800/- p.m. to Rs.1,600/-p.m. is applicable to all asseesees whereas increase from Rs.1600 to Rs.3200/- applicable to only blind and other handicapped. As this has been notified already to be effective from 1.4.2015 the increased exemption will help assessees during 2015-16 IT. This should read with the Table under sub-rule 2 of Rule 2 BB, Income Tax Rules, 1962 where these entries are found to which these amendments are made now by issue of this notification.
There is a possibility in such of those employer who, in their CTC, could have limited the Conveyance alllw. to the IT exemption limits i.e.till recently upto Rs.800 & Rs.1600 p.m. Now on the strength of this fresh notification the employers are free to rework the Con.Allw components within the overall CTC either keeping at the same level or increase the CTC correspondingly.
From India, Bangalore
There is a possibility in such of those employer who, in their CTC, could have limited the Conveyance alllw. to the IT exemption limits i.e.till recently upto Rs.800 & Rs.1600 p.m. Now on the strength of this fresh notification the employers are free to rework the Con.Allw components within the overall CTC either keeping at the same level or increase the CTC correspondingly.
From India, Bangalore
Hieee What is conve. amount for hospitality industry and also for corporate staff?
From India, Mumbai
From India, Mumbai
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Revision in conveyance allowance in Maharashtra from 1.10.2013.pdf
ESI-Not-applica ble-on-Conveyan ce-Allowance.do c