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PY- IN: New Budget Changes - 2008 ( RELNPAY_IN_BC_900 )

PY- IN: New Budget Changes - 2008 ( RELNPAY_IN_BC_900 )

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PY- IN: New Budget Changes - 2008

Use

Due to the Budget changes 2008, following functionalities have undergone changes:

  • Tax Slabs for men/ women/ senior citizens
  • Short term Capital Gains
  • Fringe Benefit Tax (FBT) on Employee Stock Option Plan (ESOP)
  • Sec 10 (26AAA)
  • Sec 80 C: It introduces following two schemes:
  • Sec 80 C (2) (xxiii) : 5 year time deposit in an account under the Post Office Time Deposit Rules 1981

  • Sec 80 C (2) (xxiv) : Senior Citizens Savings Scheme Rules 2004

  • Sec 80 D

To comply with the above changes, following changes are now available in the system:

  • Tax Slabs for men/ women/ senior citizens
To incorporate the changes in the slabs, Slab codes for Taxation table (V_T7INT1) is enhanced as follows:
  • New Slab code SL10 (for men) is created from 01.04.2008

  • New Slab code SL11(for women) is created from 01.04.2008

  • New Slab code SL12 (for senior citizen) is created from 01.04.2008

  • Slab code SL07is delimited till 31.03.2008

  • Slab code SL08 is delimited till 31.03.2008

  • Slab code SL09 is delimited till 31.03.2008

  • Short Term Capital Gains
To incorporate the changes in Short Term Capital Gains:
  • Value 10 for ST Cap. Gain rate (Listed Sec) constant (SCGRT) is delimited till 31.03.2008

  • Value 15 for ST Cap. Gain rate (Listed Sec) constant (SCGRT) is created from 01.04.2008

  • Sec 10(26AAA)
To enable all Sikkimese employees to be exempted from tax, you must configure PA/PSA for exemption under Section 10(26). For further information on this configuration, refer to Customizing in this document.
  • Sec 80 C
To incorporate new changes in Sec 80 C, Investment Technical Description and textview (V_T7INI2) ha s been enhanced as follows:
  • Subsection Limit of 20,000 for sub sec. 2 delimited till 31.03.2008 in Icode 27.

  • Subsection Limit of 30,000 for sub sec. 2 created from 01.04.2008 in Icode 28.

  • Sec 80 D
To incorporate new changes in Sec 80 D, Sub Division Description view (V_T7INI8) has been enhanced to include the new field, Medical Insr Premium(Payment on behalf of parents).

Effects on Existing Data

Effects on Data Transfer

Effects on System Administration

Effects on Customizing

You can maintain PA/PSA for Sikkimese employees under Customizing for Payroll under Payroll: India -> Tax Exemptions - > NE State Tax Exemption -> Assign NE Tax Exemp. Eligibility for Pers. Area and Subarea.

Further Information

SAP Note 1154295






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