Maharashtra Profession Tax

 Hi Friends..

I have published One video on Maharashtra profession tax, you will information about Maharashtra PT payment which include some information and the process of PT payment and PT return.

https://youtu.be/4nvxVLYkhBM

Salary Reduction Letter

LETTERHEAD

 

 

Template - Salary Reduction Letter

 

 

[Date]

 

[Employee name, job classification, Number]

[Designation]

[Address]

 

RE: Reduction of Salary

 

Dear ________,[employee Name]

 

                         In accordance with [section/Article; Policy/Contract], this is the notice by the [Company name] that, [effective start date] your salary will be reduced from old salary to new salary.

 

Salary Reduction is made to save the resources of the organization during difficult economic periods ___________________ regarding the Notice of Intent to Take a Salary Reduction (in lieu of reason) dated_____________. Reviewer ______supports the salary decrease.

 

In accordance with [Section/Article- Policy or Contract], you will be given a salary reduction for Rs.________, equivalent to [#] days without pay on [date] for [reason] as described in the Notice of Intent to Take a Salary Reduction (in lieu of a reason) dated ___________. 

 

 

You may consult [Section/Article – Policy or Contract] for your appeal rights.

 

                                         We appreciate all of your hard work, and we know we will have your support as we all strive for continued business success. Should you have any questions, please don't hesitate to speak with your manager or contact human resources.

 

 

Sincerely,

[Name of Supervisor]

[Title]

 

ETDS 92B and Form 16 Activity

How do I extract a Conso file?

Ex: Your TAN is ABCD12345A and the Request no. of latest Conso file is 212123, then the password to extract the zip file is ABCD12345A_212123. Step 3: Upload unzipped conso file : After downloading the conso file, come to “TDS return” page and click on “Prepare correction statement”

Provident Funds & Types of Provident Fund (PF)

Types of Provident Fund

·       Statutory Provident Fund (SPF / GPF)

·       Statutory PF is maintained by government, Semi government, Railway, Universities, Local Authorities

·       The contributions made by the employee can be claimed as tax deductions under section 80c.

·       Interest amount credited during the financial year is not treated as income and hence it is exempted from income tax.

·       The redemption amount at the time of retirement is exempted from tax.

·       Recognized Provident Fund (RPF)

·       Any establishment (business entity) which employs 20 or more employees can join RPF.

·       Employer’s contribution in excess of 12% of salary is treated as income of the employee and is taxable. In excess of 12%, the contributions are taxable in the year of contribution.

·       Tax Deduction u/s. 80C is available for amount invested by the employee 

·       Interest amount earned (up to 9.5% interest rate) on PF balance (employee’s + employer’s contributions) is tax free. In excess of 9.5%, the interest on contributions is taxable as ‘salary’ in the year in which it is accrued.

·       Accumulated funds redeemed by the employee at the time of retirement / resignation are exempt from tax if he/she continues the service for 5 years or more.

·       Unrecognized Provident Fund (UPF)

·       These are not recognized by Commissioner of Income Tax.

·       Employer’s contribution is not treated as income in the year of investment and hence not taxable in that specific year. So, it is tax free in the year of contribution.

·       Tax deduction under section 80c is not available on Employees contributions.

·       Interest earned is not treated as income in the year it is credited and hence not taxable in the year of accrual.

·       At the time of redemption / retirement, the employer’s contributions and interest thereon is treated as ‘salary income’ and chargeable to tax. However, employee’s contribution is not chargeable to tax. Interest on Employees contribution will be charged under income from other sources.

·       Public Provident Fund (PPF)

·       Under PPF any individual from public, whether is in employment or not may contribute to this fund.

·       The minimum contribution is Rs. 500 p.a. & maximum is Rs 1.5 Lakh Rs. p.a. The amount is repayable after 15 years.

·       PPF can serve as an excellent retirement planning / savings tool, for those who do not come under any pension scheme.

·       The PPF offers tax benefit under section 8OC and the interest earned is also exempt from tax. All the eligible withdrawals are exempted from taxes.

Excel Shortcuts - Split Forename and Surname

• Finding the Middle name

Full Name	Middle Name
Alan David Jones	David
Bob John Smith	John
Carol Susan Williams	Susan
	=LEFT(RIGHT(C45,LEN(C45)-FIND(" ",C45,1)),FIND(" ",RIGHT(C45,LEN(C45)-FIND(" ",C45,1)),1))

Excel Shortcuts - Split Forename and Surname

The following formula are useful when you have one cell containing text which needs to be split up.

One of the most common examples of this is when a persons Forename and Surname are entered in full into a cell.
The formula use various text functions to accomplish the task.Each of the techniques uses the space between the names to identify where to split.

• Finding the First Name

Full Name	First Name
Alan Jones	Alan	=LEFT(C14,FIND(" ",C14,1))
Bob Smith	Bob	=LEFT(C15,FIND(" ",C15,1))
Carol Williams	Carol	=LEFT(C16,FIND(" ",C16,1))

  

• Finding the Last Name

• Full Name	Last Name
  Alan Jones	Jones	=RIGHT(C22,LEN(C22)-FIND(" ",C22))
  Bob Smith	Smith	=RIGHT(C23,LEN(C23)-FIND(" ",C23))
  Carol Williams	Williams	=RIGHT(C24,LEN(C24)-FIND(" ",C24))

  
  
• Finding the Last name when a Middle name is present

The formula above cannot handle any more than two names.

If there is also a middle name, the last name formula will be incorrect.

To solve the problem you have to use a much longer calculation.

Full Name	Last Name
Alan David Jones	Jones
Bob John Smith	Smith
Carol Susan Williams	Williams
	=RIGHT(C37,LEN(C37)-FIND("#",SUBSTITUTE(C37," ","#",LEN(C37)-LEN(SUBSTITUTE(C37," ","")))))

What is Human Resource Planning – HRP

Human resource planning is the process by which an organization ensure that it has the right number of and kind of people or resources ,at the right phase, at the right time , capable or effectively and efficient completing those task that will help the organization to achieve its overall objectives.

   Objective/Purpose/Scope of Human resource planning

• 1.       Forecast personnel requirements
• 2.       Cope with changes
• 3.       Use existing manpower
• 4.       Promote to employees in a systematic way
• 5.       Identify the forecast Demand
• 6.       Forecast supply
• 7.       Identify the supply market
• 8.       Provide right people with right capabilities at right time and at right place.