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GPIND: Global Payroll India Legislative Changes for FY 2023-24 (Doc ID 2925485.1)

Last updated on MARCH 12, 2023

Applies to:

PeopleSoft Enterprise HCM Global Payroll India - Version 9.2 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 2022-2023. 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 it thoroughly on a regular basis.

Summary Table - see below for details:

 
Legislative Change Effective Date Additional Info Bug Details Target PUM Image Supplementary Documentation
STATUTORY CHANGES FOR FY 2023-24  1st April 2023

Key Highlights of the Union Budget 2023


• No changes in the old tax regime
• New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.

Increase in basic exemption limit up to INR 3,00,000 under the new tax regime along with changes in slab rates.


Proposed New slabs for FY 2023-24 under new tax regime.


New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate


Up to ₹ 3Lakhs Nil
₹ 3,00,001 - ₹ 6,00,000 5%
₹ 6,00,001 - ₹ 9,00,000 10%
₹ 9,00,001 - ₹ 12,00,000 15%
₹ 12,00,001 - ₹ 15,00,000 20%
Above ₹ 15,00,000 30%
Those earning up to INR ₹7Lakhs annually are entitled to a rebate.

• Reduction in the highest surcharge rate from 37% to 25% under the new tax regime.
Surcharge Proposal for new tax regime:


Taxable Income in INR Surcharge
Taxable Income above ₹ 50 lakh – up to ₹ 1 crore 10%
Taxable Income above ₹ 1 crore - up to ₹ 2 crore 15%
Taxable Income above ₹ 2 crore - up to ₹ 5 crore 25%

• The benefit of standard deduction extended to the salaried class and pensioners under the new tax regime

 

 <Bug 35042472>  PUM Image 46  upd35042472 _ADDL_SUP_01.pdf

To stay up with the legislative changes that will impact your PeopleSoft Application visit Legislative Updates PeopleSoft Blog. 

Actions

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

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