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GPIND: Global Payroll India Legislative Changes for Tax Year 2018-2019 (Doc ID 2372872.1)

Last updated on JANUARY 02, 2020

Applies to:

PeopleSoft Enterprise HCM Global Payroll India - Version 9.1 to 9.2 [Release 9]
Information in this document applies to any platform.

Details

The intent of this document is to describe solutions for problems or questions related to Global Payroll India Legislative Changes for Tax Year 2018-2019. This solution applies to customers on PeopleSoft Release {9.2}. This is a living document and will be updated as new solutions are created; please review thoroughly on a regular basis.

Note: The Finance Bill, 2018 has received the assent of the President on 29th March, 2018

(Last updated March 13th 2018) Summary Table - see below for details:

Please see table below for details.

Legislative Change Effective Date Additional Info P1 Patch Fix Target Date Targeted into PUM Image/Patchset
LEGISLATIVE CHANGES FOR FINANCIAL YEAR 2018-2019 1st April 2018

1) A standard deduction of Rs. 40,000 has been proposed to be introduced for
salaried individuals in Budget 2018

According to Budget proposals, salaried individuals will get a standard
deduction of Rs. 40,000 on income in place of the present exemption allowed
for transport allowance and reimbursement of miscellaneous medical expense

2) Increase in Cess:

Proposed to increase cess on personal income tax and corporation tax to 4 per
cent from present 3 per cent. This will increase the effective income tax an
individual tax payer pays.

3) Deductions from Taxable Income:

For senior citizens, hike in deduction limit for health insurance premium
and/or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.

It is proposed to amend the provisions of section 80DDB of the Act so as to
raise this monetary limit of deduction to Rs 1 lakh for both senior citizens
and very senior citizens.

“Disclaimer:
Also note that The Finance Bill 2018 tabled in Parliament is yet to receive the royal assent from the President. Any changes to the aforesaid amendments shall need to be addressed separately.”

 

Release 9.2:

Patch 27483186

 

HCM 9.2.26,

Posted:8th Mar'2018

 

To stay up with the legislative changes that will impact your PeopleSoft Application visit <https://blogs.oracle.com/psftlegupdates/>

Actions

 You need to apply the critical patches / GP Updates whenever their legislative fixes are posted.

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