India Payroll Budget Patch 2014-2015
Last updated on DECEMBER 20, 2016
Applies to:Oracle HRMS (India) - Version 12.0 HRMS RUP11 and later
Information in this document applies to any platform.
Union Budget changes for India Payroll in Financial Year 2014 - 2015.
Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens.
The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. 1.5 lakhs. The annual ceiling limit for investment in Public Provident Fund to be increased from Rs. 1 lakh to Rs. 1.5 lakh.
No change proposed in the rate of surcharge rate and education cess.
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